Vans, The North Face, and (oh, yeah) Reef parent company VF Corp announced today (June 13, 2011) that they are paying Timberland investors $43 a share for their stock in a buyout valued at approximately $2 billion.
“The Timberland(R) brand is synonymous with high quality outdoor footwear and apparel,” said Eric Wiseman, Chairman and Chief Executive Officer of VF Corporation. “We believe the unique rugged outdoor positioning of the Timberland(R) brand will perfectly complement the premium, technical positioning of The North Face(R) brand, while the Smartwool(R) brand will provide us with a leadership position in a new category. This acquisition will continue the transformation of VF’s portfolio, propelling VF’s Outdoor & Action Sports businesses to 50% of total revenues.”
VF plans to increase Timberland’s sales by 10 percent bringing it close to $1.8 billion in 2011. And that’s how you add nearly $2 billion to annual sales. Follow the jump for the rest. [click to continue…]
It was difficult to know if Quiksilver’s new NFL collab is completely sincere or not. At first we sensed some sort of irony, but then we saw the gridiron overlaid on Pipeline and realized that we are just confused. Jocks, of course, won’t know the difference.
PPR and Volcom announced today they have received “all necessary antitrust approvals applicable to PPR’s tender offer for all of the outstanding shares of common stock of Volcom at a price of $24.50 per share in cash.”
The transaction is subject to the satisfaction of the remaining customary closing conditions. As previously announced, PPR’s tender offer for Volcom is currently scheduled to expire at 5:30 p.m., New York City time, on Thursday, June 16, 2011, unless further extended.
Guess that means the deal is still a go. Right? Follow the jump for all the info. [click to continue…]
“This show is really going to take AGENDA, Tokyo, to the next level,” said Aaron Levant, AGENDA President. “Our partnership with Green Room, Inc. enables us to continue to build the awareness of AGENDA, Tokyo, and bring a premium street and footwear show that is a great fit for our vendors, buyers and press with a presence in Japan.”
Over the past year, Pacific Sunwear has traded in a range of $2.46 to $6.84 and are now at $2.50. The 200-day and 50-day moving averages have moved 0.49% lower and 1.09% lower over the past week, respectively.
The mall action fashion retailer still has a ways to go before they break their 10-year low of 93 cents set in January of 2009. Think they can do it?
In his most recent Market Watch column Jeff Harbaugh digs into the timeline of PPR’s as yet un-closed acquisition of Volcom thanks to some new paperwork that was released as part of the settlement of a lawsuit.
From various documents filed as part of the deal, we know that the first contacts between PPR and Volcom management was on February 8th and 9th, 2010 where “…there were initial discussions about the businesses and histories of Volcom and PPR, as well as ways the companies might work together.” On March 11, PPR told Volcom they were interested in a potential strategic transaction. No purchase price was mentioned. There were ongoing meetings and conversations through April, but around April 28, Volcom told PPR that it intended to pursue its strategic plan “…rather than continue talks with regard to any potential strategic transaction…”
Harbaugh also discusses another potential buyer (“bidder A”) who felt that a purchase price of $24 was as high as they were interested in going. If you’re into M&A, click the link and read the rest.
Vans has apparently added Australian surfer Wade Goodall to their surf team.
“Wade represents a new generation of futuristic surfers that are multi-talented, in and out of the water,” said Vans Surf Marketing Manager Scott Sisamis. “At 24, he has already started to make a significant mark on the global surf scene and we are super psyched to have him join our crew.”
Goodall joins a stacked team which include Nathan Fletcher, Joel Tudor, Pat, Dane and Tanner Gudauskas, Alex Knost, John Florence, Andrew Doheny and Dylan Graves. Follow the jump for the official word. [click to continue…]
It’s not all gloom and doom in the action fashion category. Quiksilver may have lost $83 million in the quarter ending April 30, 2011, but they did better than expected and experienced increased revenue for the first time in three years, according to the Wall Street Journal.
For the quarter ended April 30, Quiksilver posted a loss of $83.3 million, or 51 cents a share, compared with a year-earlier profit of $9.42 million, or 6 cents a share. Excluding a $74.1 million impairment charge and valuation allowances against tax assets, earnings from continuing operations in the latest period were 9 cents a share. Revenue rose 2.1% to $478.1 million.
In more bad news for the action mall fashion retailer PacSun’s stock reportedly crossed its 52-week low today as it dropped to $2.90 a share, according to a story on The Street. But that’s not all:
TheStreet Ratings rates Pacific Sunwear as a sell. The company’s weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.
Doesn’t exactly sound like a vote of confidence, does it?
Nixon has teamed up with theBeastie Boys for a new limited edition line of Swatches watches with some of the proceeds going to benefit WKCR-FM, Columbia University’s non-commercial student-run radio station.
Four watches were created for the collection and are available in red, white, green and blue. The watches come in a maritime themed package, which is unlike anything the Nixon line has ever seen before, and feature an image of Mike D along with a special message from him on both the watchband and case. As lifelong lovers of everything skate, snow and surf, not to mention style icons in their own right, it is fitting for Nixon to have MCA, Ad Rock and Mike D create a unique interpretation of Nixon’s Time Teller watch. Due to the limited nature of this collection, once these watches are sold out, they are gone forever.
Beastie Boys, nautical flavor, and a cause all mixed into one? Now that’s marketing. Follow the jump for more watchy details. [click to continue…]
Vans, The North Face, and (oh, yeah) Reef parent company VF Corp announced today (June 13, 2011) that they are paying Timberland investors $43 a share for their stock in a buyout valued at approximately $2 billion.
