In a large skillet, melt the butter and olive oil over medium heat. Add the sliced onions and sugar. Cook the onions, stirring frequently, for about 15 to 20 minutes until they are caramelized and golden brown.
Add the minced garlic to the skillet and cook for another 1-2 minutes until fragrant.
Transfer the caramelized onions and garlic into the slow cooker.
Pour in the beef broth, white wine, Worcestershire sauce, and thyme. Season with salt and pepper to taste. Stir well to combine.
Cover and cook on low for about 6 hours until the flavors meld together and the soup is heated through.
Once ready to serve, preheat the broiler. Ladle the soup into broiler-safe bowls.
Top each bowl with a slice of baguette and generously sprinkle with Gruyère and Parmesan cheese.
Place the bowls under the broiler for 2-3 minutes, or until the cheese is bubbly and golden brown. Keep a close eye to prevent burning.
Carefully remove from the broiler and let cool slightly before serving.