BasicNet S p A : Permira fund buys 40% of K-Way

Permira fund has bought a 40% share of K-Way from BasicNet to support the brand's future growth.

Permira Growth Opportunities II, a fund managed by global investment firm Permira, has acquired the significant minority stake in K-Way, a brand part of Basic Net SpA, an Italian fashion holding led by the Boglione family, also owner of other brands including Kappa, Robe di Kappa, Superga, Jesus Jeans, Briko and Sebago, among others.

Famous for its distinctive windproof and rainproof jackets, K-Way meets success among a loyal customer base that appreciates its innovative design that blends functionality and style.

Over the years, the brand has established a reputation for creating premium products. In particular, over the past decade, the Boglione family has refreshed its stores and established itself in the outerwear market, enhancing the brand's characteristics of inclusivity and creativity.

Permira is already a strategic partner of global brands including, for example, Golden Goose, Reformation, Florence Group, Hugo Boss, Valentino, Dr. Martens and Best Secret, and has invested over €15 billion in more than 40 companies.

Through this acquisition it aims to support K-Way's growth particularly through direct-to-consumer channels and strengthen its presence in France, Italy and internationally. It plans to open new stores and expand its offer through new product categories.

"I consider this moment as important as only two others have been before in Basic Net's history-the acquisition of Maglificio Calzificio Torinese in 1994 and the group's IPO in 1999," commented Marco Boglione, president and founder, BasicNet.

"In recent years, we have made significant strides in brand expansion. The partnership with Permira will strengthen the resources and experience needed to accelerate our development plans," commented Alessandro and Lorenzo Boglione, sons of the founder and executive vice presidents of BasicNet and CEOs of K-Way.

"We are happy to work alongside the Boglione family and the K-Way team. We have been following the company for a long time, and we are convinced that K-Way has the characteristics that Permira is looking for as part of its consumer investment strategy: it stands for an iconic brand and product, has a strong history coupled with a recognizable DNA, counts on a cross-sectional consumer audience, and a distinctive positioning," said Sebastien Floch, principal and head of France for Permira.

Completion of the transaction, subject to the usual regulatory approvals, is expected in the first quarter of 2025.