WP Lavori in Corso acquires Woolrich's parent company

By

Elena Passeri

Translated by
Nicola Mira

Published
Nov 29, 2016

Woolrich is keen to accelerate its international expansion. In order to fulfil these ambitions, the oldest US outdoor apparel brand, founded in 1831, and its licensee for Europe and Asia, Woolrich Europe, owned by Italian company WP Lavori in Corso, have now joined forces. Their businesses have merged into a new, London-based corporation called Woolrich International, which takes charge of all the manufacturing activities and the trademarks for the Woolrich labels and for Woolrich John Rich & Bros, the premium streetwear line created by the Italian team, as well as of the labels' distribution network.

Cristina Calori, CEO of WP Lavori in Corso and of Woolrich Europe, will be at the helm of the new organisation, as President of Woolrich International. Paul Corinaldesi will be the new corporation's CEO. Andrea Cane, Creative Director for Woolrich Europe, will be appointed worldwide Creative Director, in charge of all the Woolrich collections and of the brand's image. Nicholas Brayton, a seventh-generation scion of the brand's founder John Rich, will remain President of Woolrich Inc., in charge of the US market.

"It is the culmination of a 32-year journey marked by mutual collaboration and respect between the Woolrich family and WP Lavori in Corso," stated the new corporation's president. "Our objective is to augment and accelerate the growth of the Woolrich brand worldwide."

Woolrich International will be based in London but will also operate offices in New York, at the brand's historic headquarters in Pennsylvania, and in Bologna and Milan in Italy. The new corporation will employ a total of 300 people and expects to close the 2016 fiscal year with a revenue of €170 million. Over the period 2017-2020, it is targeting a 12% annual growth rate, and has forecasted it will achieve revenues of €266 million, with a staff of 500, by 2020. This expansion will be supported by an investment of €45 million in the region, with the objective of reaching a total of over 60 stores.

The label currently operates 25 stores and is present in 45 countries, notably via its Woolrich John Rich & Bros line, which has recently opened shops in Antwerp, Belgium, and in Courmayeaur and Trento in Italy. The new corporation's strategic plan will focus very much on Woolrich John Rich & Bros, and will promote expansion through marketing investment, boosting e-commerce sales and by striking new deals with select retailers. In parallel, the management will also introduce a new development plan for the Woolrich Outdoor line, create a trading company in China and leverage the potential of its US Woolrich Mill, one of the most ancient American woollen mills, which is still operational.

After deploying the new strategic plan over the next four years, Cristina Calori and her team are envisaging a public offering of Woolrich International, in order to bolster a second expansion phase targeting the most attractive emerging markets.