Woolrich Inc. Sold to Luxembourg Private Equity Firm

WOOLRICH – Woolrich Inc., the seven generation Rich family business, has been sold for the second time in two years, the new purchaser a Luxembourgh-based investment company.

The news came recently from online fashion publication Fashion Network:

Premium outdoor company Woolrich has sold a majority stake to L-Gam Advisors Sarl in a move that has been described as a “further step in the globalization process” of the brand.

Established by a group of finance experts in partnership with the Princely Family of Liechtenstein, L-Gam is a Luxembourg-based, long-term oriented investment company which also owns an interest in Roberto Cavalli.

Goldwin, a Japanese outdoor retailer which acquired a minority stake in Woolrich in 2017, will remain an investor in the company, a statement said.

The latest development will build on the partnership with Goldwin to further boost the clothing brand’s international expansion plan, which involves investments in Europe, North America, Japan and an entry into China by 2019.

Over the last year, Woolrich – which has traditionally put wool at the centre of its product – launched a new brand focused on performance fabrics and innovation called Woolrich Outdoor. The line, designed by Goldwin, is a premium men’s outdoor clothing collection which now sits alongside the core Woolrich John Rich & Bros label.

Financial details of the acquisition by L-Gam were not disclosed by WP Lavori in Corso, the Italy-based company that became majority shareholder of Woolrich International after the American and European branches merged in 2016.

But the operation means that the Rich family, which founded the brand in 1830 and is currently a minority investor, will completely exit the company after seven generations of ownership.

Mike Flanagan, CEO of the Clinton County Economic Partnership, said Monday he has been in touch with local Woolrich officials, telling therecord-online, “They are optimistic this transaction will be better for the company as it relates to the current situation regarding the outgoing majority owners WP Lavori.”

They also said the last paragraph in the Fashion Network story was not completely accurate as some local shareholders remain.