MILAN — BasicNet and Permira on Tuesday jointly confirmed the appointment of Luca Lo Curzio as K-Way’s new chief executive officer. WWD was the first to report that Lo Curzio was exiting his position as CEO of Jil Sander and was poised to join K-Way, citing market sources.
“I am thrilled to have the opportunity to lead this iconic brand into the future,” said Lo Curzio. “K-Way’s rich heritage and strong emotional connection with its customers are truly remarkable. I am looking forward to collaborating with the Boglione family at BasicNet and the Permira team to further enhance the brand’s global presence and deliver innovative products and experiences to our loyal customers.”
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This is the first sign of a new course for the brand under Permira, which last month said it was investing in K-Way. The appointment of Lo Curzio is expected to be effective in the first quarter of 2025, once the financial operation is concluded.
Permira Growth Opportunities II, a fund managed by the global investment firm, is buying a 40 percent stake in French premium outerwear brand K-Way from BasicNet, led by the Boglione family.
BasicNet will hold the remaining 60 percent stake. As per this agreement, K-Way’s enterprise value, including the IFRS 16 standard, is pegged at 505 million euros.
“We are very pleased to have found a proven and successful CEO of the calibre of Luca and we are excited to see him driving K-Way going forward,” Alessandro and Lorenzo Boglione, executive vice presidents of BasicNet and current co-CEOs of K-Way, said in a joint statement. “Luca is a true fan of the brand, and he is really focused on turning K-Way into a global brand. We are entirely aligned in terms of the journey going forward and are looking forward to seeing Luca take the business to the next level.”
Their father, Marco Boglione, founder of BasicNet, acquired K-Way in 2004.
“From our first interaction with Luca, we have shared the same ambition for K-Way, being convinced of its untapped potential to grow in both its domestic markets and in new international territories, as well as the opportunity to continue its growth journey thanks to its strong emotional connection with a broad and diverse customer base,” Francesco Pascalizi, partner and head of Italy at Permira, and Sebastien Floch principal and head of France at Permira, commented in the same statement. “We are really excited about the future prospect of the brand under Luca’s leadership and look forward to working with him.”