MILAN — Woolrich is setting its ambitions higher, fashion and luxury slowdown notwithstanding.
The outerwear specialist is welcoming a new investor, the Chinese apparel group Baoxiniao Holding Co. Ltd.
The company listed on the Shenzhen Stock Exchange and parent to the Saint Angelo, Hazzys, Bono, Camicissima and Henry Grant brands, is acquiring Woolrich’s intellectual property rights for all territories outside Europe.
Financial details of the deal were not disclosed.
European intellectual property rights and operations will continue to be owned and handled by L-GAM, the Luxembourg-based investment firm backed by the princely family of Liechtenstein, which first acquired Woolrich in 2018 from its former owner WP Lavori in Corso.
The new deal is seen furthering Woolrich’s footprint in the Asia region and more broadly its global appeal.
“This agreement with Baoxiniao marks a new and exciting chapter for Woolrich as we strive to bring the brand’s extraordinary heritage that blends functional performance, innovation and distinctive style to a new generation of consumers globally,” Woolrich chief executive officer Stefano Saccone said in a statement, exclusively seen by WWD.
“Our partnership with Baoxiniao will serve as a catalyst for the brand’s growth in Asia and beyond, and we welcome working together to achieve this shared goal,” he added.
The Woolrich fall 2024 ad campaign.
Courtesy of Woolrich
Further elaborating on the deal in remarks emailed to WWD, Saccone said the APAC region currently represents 5 percent of the global business, a figure he sees expanding in the wake of the deal.
The company declined to disclose financial figures, but Saccone described 2024 as a year marked by “uneven performance.”
“We see that consumers across Asia, particularly in China, are embracing the outdoors. Woolrich for its 195-year brand heritage and expertise in designing premium outerwear has a unique and differentiated story to tell Asian consumers,” Saccone said.
“In Baoxiniao, we have found a partner that not only has a deep respect for the Woolrich brand, but also shares our vision for the opportunities to make the brand more global. They have deep retail expertise as well as a well-established track record of success launching brands in the Greater China market,” he added.
As per the agreement, Baoxiniao has entered into a five-year procurement and brand consulting agreement with Woolrich International to ensure globally consistent efforts in brand positioning, marketing, product development and overall operations. Baoxiniao will directly operate Woolrich in Greater China while other markets in the APAC region could be handled by local partners, the brand said.
The deal follows the appointment in late 2023 of Todd Snyder as creative director of the newly formed line Woolrich Black Label, the company’s upscale division liaising its outdoorsy bent with a luxury offering defined by a modern aesthetic. The move was seen spurring Woolrich’s footprint in the U.S. market.
Woolrich currently operates 35 stores across Europe and Japan and boasts a network of marquee stockists including Le Bon Marché and Galeries Lafayette in Paris; Rinascente in Italy; Breuninger and Loden-Frey in Germany; Isetan and Ginza Six in Japan; deBijenkorf in the Netherlands; El Corte Inglés in Spain, and Harrods in London, among others.
The Woolrich fall 2024 ad campaign.
Courtesy of Woolrich
“We are extremely excited to incorporate Woolrich brand into our group’s multibrand strategic setup. Through the future collaboration with the European team of Woolrich, we aim to elevate the brand to new heights globally. With the industry resources and operational capabilities of our group in the mid- to high-end apparel sector, we will ensure a great growth potential of all our brands in the Greater China market,” said Zhize Wu, chairman of Baoxiniao Holding Co. Ltd. “The strategic partnership with Woolrich is definitely an important part of the internationalization of our group, which we certainly look forward to,” he added.
Founded in 1996, Baoxiniao operates more than 1,800 mono-brand stores in major cities across China for its portfolio of brands.
