MILAN — Permira is planting yet another flag in fashionland.
Permira Growth Opportunities II, a fund managed by the global investment firm, said Friday it has reached an agreement to buy a 40 percent stake in French premium outerwear brand K-Way from BasicNet, led by the Boglione family.
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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.
Permira is expected to support K-Way’s growth across its channels, with a particular emphasis on direct-to-consumer avenues, opening new stores, expanding its product range, reinforcing the brand’s leadership in France and Italy, but also to grow internationally.
“I consider this moment as crucial as only two others have been for BasicNet: the acquisition of Maglificio Calzificio Torinese in 1994 and the stock exchange listing in 1999,” said Marco Boglione, chairman and founder of BasicNet. “We worked hard for K-Way to be in this position and we are glad to welcome onboard Permira, one of the world’s most prestigious and successful investors in our industry.”
K-Way next year will mark its 60th anniversary, as it was founded in 1965 by Léon-Claude Duhamel in Paris and is known for its packable, category-defining waterproof jacket, the “Claude,” with its distinctive colorful zip and logo inspired by the French flag, and it has established itself as an outdoor-inspired lifestyle brand.
Sebastien Floch, principal and head of France at Permira, said the private equity firm “followed the business for a number of years and [we] have found that K-Way is a brand with real scarcity value, which encompasses everything the Permira Consumer team loves to back: an iconic brand and product, strong heritage and DNA, universal customer appeal and distinctive positioning. We look forward to bringing our experience and resources to the table to support K-Way’s continued success and its global expansion plans.”
K-Way was acquired by BasicNet in 2004 and since then it has forged links with designer brands including Saint Laurent, Fendi and Comme des Garçons, to name a few, and introduced runway collections presented at its Milan BasicVillage, unveiled in 2022. It has also kicked off art partnerships and activations at Art Basel in Miami and Artissima in Turin, Italy.
Stemming from the storied traditional clothing company Maglificio Calzificio Torinese, which was founded in 1916, BasicNet doesn’t produce or distribute the collections of its brands. Billing itself as a “fully web-integrated company” through a digitally advanced platform, it acts as a marketplace where manufacturers and distributors meet to do business. In particular, BasicNet, whose headquarters are in Turin, designs and develops its labels’ collections, then the company signs licensing agreements with international producers and distributors, which receive from BasicNet all they need to manufacture and sell the products, from research and development to global marketing.