The Acquisition: from Mountains to the Sea

The Boglione family-owned BasicNet group has completed its second acquisition in recent weeks, adding the iconic⁣ swimwear brand Sundek to its portfolio. ‌ Following the purchase of Woolrich, this move signals a⁣ strategic ‌expansion into the “surf culture” market.basicnet, already the parent company of Kappa, Superga, and Sebago, has acquired 100% of Kickoff, the company that owns and manages Sundek, for a⁣ total of ⁤€33.5 million.

Lorenzo and‌ Alessandro Boglione,co-CEOs of basicnet,expressed their enthusiasm for ⁤the acquisition,stating,”We welcome another historic American brand,with seventy years of history,deeply rooted in the culture and⁣ customs (in every sense) of the Italian market and beyond.” ‌They further emphasized‌ their personal appreciation⁤ for the brand, noting its distinctiveness ‌and strong brand identity.

Deal Structure and Financial Details

Kickoff, previously controlled by Tiziano Sgarbi and Simona​ Barbieri ⁤(founders of Twinset), ‍acquired Sundek in 2020.Under Kickoff’s management, Sundek operates 34 single-brand stores, ​with‍ a important presence in Italy (27 stores). The company reported a turnover of⁢ €27.6 million in 2024,generating⁤ an ‍operating margin of €6.8 ​million.

The valuation⁢ of‌ Kickoff in the transaction was €33.5 million. Though, the initial payment‌ made by BasicNet will be approximately €10 million, accounting for the company’s outstanding debts. The remaining amount will be settled based on the final net financial position of Kickoff.

Sundek: A‌ History of Surf⁢ Culture

Founded in 1958, Sundek quickly became synonymous with Californian “surf culture.” The brand’s origins are deeply intertwined with the rise of surfing and beach lifestyle in the united States. Initially focused on boardshorts, sundek expanded its product line to include a ⁢wider range of swimwear and ‍beach apparel.

sundek’s popularity extended beyond the⁢ US, gaining a⁤ strong foothold in the Italian market. ​ The brand’s vibrant designs​ and association ⁣with a carefree lifestyle resonated ⁢with⁢ Italian⁤ consumers, establishing a ‌loyal customer base. ⁣ Today, Sundek continues to be a ​recognizable ⁣and respected brand in the swimwear industry.

BasicNet’s Strategic ⁤Expansion

This acquisition represents a strategic move for BasicNet, diversifying its brand portfolio and expanding⁤ its reach into⁣ new markets. The addition of Sundek complements BasicNet’s existing brands, offering a broader⁤ range of products to consumers.

The acquisition also provides BasicNet with a strong retail presence, particularly in Italy, through Sundek’s network of single-brand stores. This will allow​ BasicNet to leverage its existing infrastructure and distribution channels to further grow the Sundek brand.

Potential Synergies: BasicNet may explore​ synergies between Sundek⁢ and its other brands,such as cross-promotional opportunities and‍ shared marketing campaigns. The company could also‌ leverage its expertise in brand management and retail operations to enhance Sundek’s performance.

Industry Context and Future‍ Outlook

The global swimwear market is a competitive landscape,driven by fashion ⁣trends,seasonal demand,and consumer preferences. ‌ The market is expected to ‍continue growing in the coming years, fueled by‍ increasing disposable incomes and a growing interest in outdoor activities.

Sundek’s strong⁤ brand recognition ⁣and established presence in key markets position it well for future ⁣growth. With BasicNet’s support,the brand is expected to further⁤ expand its reach and strengthen its position in​ the swimwear industry.