Woolrich Inc., announces the completion of an agreement to merge with European partner Woolrich owned by W.P. Lavori in Corso. A new holding company will be responsible for leading and accelerating the future growth and development of the Woolrich brand, both in the North American market and worldwide. The agreement includes all of the entity's industrial assets, the rights associated with the brand and the entire distribution network.
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 US$ 190 million for 2016.
This transaction allows the 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 US$ 300 million by 2020, employing 500 people.
Cristina Calori, Chairman and CEO of W.P. Lavori in Corso and Woolrich Europe, will lead the merged organisation, assuming the role of Chairman of Woolrich International. Paolo Corinaldesi has been appointed CEO. Andrea CanÃ¨, Creative Director for Woolrich Europe, has been appointed Global Creative Director with complete creative responsibility for all Woolrich collections and brand image. Nicholas Brayton, 7th-generation descendent of founder John Rich, will continue his role of President of Woolrich Inc., leading the North American market.
They are extremely proud of this industrial deal, as with over 32 years of collaboration, they have built an excellent relationship between the Woolrich and W.P. families. They are determined to enhance their successful business model to foster development of the brand all over the world, said Cristina Calori.
The industrial merger of Woolrich Inc. and Woolrich Europe establishes a new industry leader, leveraging Woolrich Inc.'s leadership position in textile manufacturing and outdoor clothing in the North American market, and Woolrich Europe's well-known premium branding, marketing, design, creativity and international distribution capabilities.
Woolrich Inc., founded in 1830 by John Rich is America's oldest outdoor clothing company and one of the leading manufacturers of outdoor lifestyle apparel. Woolrich has become a leading brand in the contemporary outerwear market, present today in 45 countries with a network of 25 stores. Woolrich Europe owned by 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.
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