Dr Martens owner acquires 40% stake in outwear label K-Way
Permira’s investment fund, Permira Growth Opportunities II, will aid premium outerwear brand K-Way’s “exciting growth journey” after acquiring a 40% stake in the company from BasicNet.
K-Way was founded in Paris in 1965 and has since established itself as an outdoor-inspired lifestyle brand with a loyal following. The brand is known for its waterproof packable jacket, the ‘Claude’, which sports its instantly recognisable tricolour zip and logo inspired by the French flag. In 2004, BasicNet, ran by the Boglione family, acquired the brand from Milan-based Multimoda Network.
BasicNet will hold the remaining 60% stake in K-Way, which is now valued at £420.31 million ($545.80 million). The group, which owns the Sebago, Superga and K-Way brands, has elevated K-Way over the past two decades by revamping stores, enhancing the customer experience and collaborating with designers such as Lacoste and Commes des Garçons.
Earlier this year, for example, the Italian fashion group signed a 10-year lease for a 6,500 sq ft store housing all three of its brands – Sebago, Superga and K-Way – at Crosstree’s One Twenty King’s Road development.
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.”
Permira, which has notable investments in Hugo Boss, Valentino, Dr Martens and Golden Goose, to name a few, has a strong track record of partnering with global consumer brands. Together with BasicNet, it sets out to reinforce K-Way’s brand leadership in France and Italy, open new stores, expand the product range and grow internationally.
Alessandro and Lorenzo Boglione, Executive Vice Presidents of BasicNet and CEOs of K-Way, said: “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.”
Sebastien Floch, Principal and Head of France at Permira, added: “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.”
