Sundek Swimwear Faces Risks as BasicNet Spends Millions to Acquire Brand

Italian Clothing Firm BasicNet Acquires Sundek Swimwear Brand

Milan, Italy – In a strategic move, BasicNet, the Italian apparel and sportswear group, has reached an agreement to acquire the iconic Sundek swimwear brand. The deal, worth an undisclosed sum, will see BasicNet take full control of Sundek and its parent company Kickoff.

The acquisition comes just days after BasicNet closed its purchase of the Woolrich outerwear brand, further expanding its portfolio of well-known fashion labels. Sundek, the historic surfwear brand originally from California, was previously owned by a Modena-based company that had acquired it in 2020 just before the COVID-19 pandemic hit.

Under the terms of the latest deal, BasicNet will take over 100% ownership of Kickoff, the current holder and manager of the Sundek brand. Kickoff operates 27 Sundek mono-brand stores across Italy, including 8 outlet locations, as well as 7 stores in Spain, France and the United States.

Kickoff, the Sundek parent company, reported revenues of €27.6 million and EBITDA of €6.8 million in its most recent fiscal year. The enterprise value of the Kickoff group, which includes its US, Spanish and French subsidiaries, has been set at €33.5 million. After accounting for Kickoff's existing debt, the initial purchase consideration is expected to be around €10 million, subject to final net debt adjustments.

"The acquisition of the Sundek brand is a further step in the diversification of BasicNet's portfolio, allowing us to strengthen our presence in the sportswear and beachwear segments," said Marco Boglione, Chairman of BasicNet. "Sundek's iconic status and global recognition will complement our existing brands and distribution channels."

The deal represents the latest in a series of strategic moves by BasicNet to expand its reach in the apparel and accessories market. Analysts say the addition of Sundek aligns with the group's focus on iconic heritage brands with global appeal.

"This transaction underscores BasicNet's ambitions to build a diversified portfolio of well-known fashion and lifestyle labels," said a Milan-based industry source. "Sundek's strong brand equity and loyal consumer base make it an attractive complement to the group's existing stable of brands."

The acquisition is expected to close by the end of December, subject to customary closing conditions.