Woolrich Inc. and Woolrich Europe announce merger
The newly-formed entity, Woolrich International, combines 186 years of American heritage and value for the outdoors with contemporary European design and ingenuity. W.P. Lavori in Corso will control and consolidate the new company. Woolrich International intends to proceed with an IPO in the stock market possibly by 5 years.
The newly-formed company, Woolrich International will be headquartered in London and will coordinate the operating offices in New York City, Woolrich Pennsylvania, and Bologna and Milan, Italy. The new entity will have a global workforce of 300 people, with a closing provision of an annual turnover of $190 million for 2016. This transaction allows the Woolrich brand to continue its path of development with prospects for an annual average growth of 12% from 2017 to 2020, expected to reach an annual turnover of $300 million by 2020, employing 500 people. This expansion is supported by a capital expenditure plan of about $50 million, aimed to reach over 60 points of sale.
W.P. Lavori in Corso has been a partner of Woolrich since 1984, initially involved in its distribution, then, in 1998, evolving the collaboration into an official license to design, produce and distribute Woolrich products, starting in Italy, then expanding into Europe and Asia. Thanks to the launch of the Woolrich John Rich & Bros. collection and its original icon Arctic Parka, Woolrich has become a leading brand in the contemporary outerwear market, present today in 45 countries with a network of 25 stores
Cristina Calori, Chairman and CEO of W.P. Lavori in Corso and Woolrich Europe, will lead the merged organization, assuming the role of Chairman of Woolrich International.
W.P. Lavori in Corso will control and consolidate the new entity, while the Rich family will continue to own a significant stake.