- Permira to partner with BasicNet and the Boglione family to support K-Way in its next phase of growth
- Way to benefit from Permira´s global presence and proven track record in supporting iconic consumer brands
MILAN – 25th October 2024 – Permira Growth Opportunities II, a fund advised by global investment firm Permira, today announced it has entered into an agreement to acquire a significant minority stake in K-Way, the renowned French premium outerwear brand, from BasicNet SpA, led by the Boglione family.
Founded in 1965 in Paris, K-Way has firmly established itself as a fast-growing, outdoor-inspired lifestyle brand with a unique identity. The brand is the creator of the category-defining waterproof packable jacket, the “Claude”, with its distinctive colourful zip and logo inspired by the French flag. Renowned for its signature windbreakers, lifestyle fashion and sportswear products, K-Way has cultivated a loyal following that resonates with its iconic, timeless and universal appeal.
K-Way’s diverse customer base is drawn to its exceptional craftsmanship and innovative designs, which seamlessly blend functionality and style, setting new standards in the fashion industry. With a rich heritage rooted in craftsmanship, the company has solidified its strong brand reputation of creating premium products.
BasicNet and the Boglione family have successfully elevated the K-Way brand over the past decade by revamping stores, enhancing the customer experience and improving the design and quality of products. Under the BasicNet ownership, K-Way has established itself as a leader in the outerwear market, leveraging the playful, colourful and inclusive characteristics of the brand.
Permira, with its strong track record of partnering with global consumer brands, is well-positioned to support K-Way’s growth across its channels, with a particular emphasis on direct-to-consumer avenues. Together, Permira and K-Way will focus on: reinforcing K-Way’s brand leadership in France and Italy; opening new stores; expanding its product range; and, international growth. Permira’s consumer team has deployed over €15 billion to collaborate with more than 40 companies globally, including some of the world's most iconic brands. Notable investments from Permira funds in the sector include Golden Goose, Reformation, Gruppo Florence, Hugo Boss, Valentino, La Piadineria, Dr. Martens and BestSecret.
Marco Boglione, Chairman of BasicNet, said: “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. 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."
Alessandro and Lorenzo Boglione, Executive Vice Presidents of BasicNet and CEOs of K-Way, commented: "We welcome the Permira team on board as we embark on the next phase of K-Way's exciting growth journey. Over the past years, we have made significant strides in expanding the brand and enhancing its product offering. Permira's partnership will provide K-Way with the necessary resources, expertise and global network to accelerate its expansion plans and solidify its position as a leading player in the premium outerwear market. We look forward to working closely with Permira to capitalise on new opportunities and drive sustainable growth for the brand while maintaining its heritage and legacy."
Francesco Pascalizi, Partner and Head of Italy at Permira, said: “K-Way is a brand we truly admire, and we are really excited about the future prospects of the brand and partnering with BasicNet and the Boglione family”
Sebastien Floch, Principal and Head of France at Permira, commented: "We are thrilled to partner with the Boglione family and the team at K-Way. We have followed the business for a number of years and 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.”
Permira was represented by Giliberti, Triscornia e Associati (Legal), EY (Financial), Maisto e Associati (Fiscal) and Bain & Company (Commercial). The transaction is subject to customary conditions and is expected to close in the first quarter of 2025.
