No, no. It’s not what you’re thinking. We’re just trying to check the time with our new Nixon Highball Pocket Watch. Seriously, it’s in here somewhere. . .
[Link: Nixon Happenings]
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Fashion
Spy Optic parent Orange 21 announced that it is getting out of the manufacturing business almost entirely—something it had formerly touted as one of its advantages.
According to an announcement today Orange 21 is selling 90% of its Italy-based manufacturing facility LEM to the eyewear companies senior management.
A. Stone Douglass, Orange 21 Inc.’s CEO, commented, “We believe this is an opportunity for us to refocus our primary efforts on our sales and distribution of our multiple brands, Spy Optic, O’Neil, Margaritaville and Melodies by MJB through our remaining wholly-owned subsidiaries, Orange 21 North America Inc. and Orange 21 Europe S.r.l.”
Follow the jump for the entire release.
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686, with a little help from Malakye.com and SIA Snow Show, have created a a design contest that could allow three up-and-coming outerwear designers the perfect platform they need to launch a career in the burgeoning snowboard outerwear industry (or something like that). It’s called The Reclaim Design Project and it goes something like this:
This contest will give three designers the opportunity to make an original outerwear garment from reclaimed materials, trims, and left over items from the 686 production facility. The contest will begin the opening morning of the SIA Snow Show, Thursday, January 27 but first, we have to find THREE qualified designers who can come show their stuff on the show floor.
Follow the jump for all the info on how to become one of three designers who will get the chance to sew a jacket in real time on the floor of the SIA Show. It will be just like Project Runway. . . kinda.
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Former Billabong CEO’s Matthew Perrin’s financial travails are becoming more and more difficult to follow as of late. Commonwealth Bank says that Perrin’s wife secured $13.5 million in loans with her Gold Coast home and now that Perrin is bankrupt they want it. But Nicole has another story, according to News.com.au.
In her defence filed at the time, Mrs Perrin countered that her signature had been forged on mortgage documents. . . In the latest documents filed to the court, Mrs Perrin now alleges her husband forged her signature and was responsible for fabricating a fake power of attorney.
You can’t blame her for trying.
[Link: News.com.au]
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We’ve seen several seemingly conflicting headlines regarding the Q4 numbers that Quiksilver reported yesterday (December 16, 2010). Bloomberg pretty much called it out like this:
The company, based in Huntington Beach, Calif., said it reduced its debt significantly during the fourth quarter, in part by swapping some of its debt for equity, and that should help it seize growth opportunities in coming years. . . It foresees a 5 percent drop in its first-quarter revenue. . . Quicksilver posted a loss of $22.1 million, or 14 cents per share, for the quarter that ended Oct. 31. That’s compared with a loss of $1.8 million, or a penny per share, a year earlier. . . Its fourth-quarter revenue fell 8 percent to $495.1 million from $538.7 million. . . For the year, Quiksilver reported a net loss of $9.7 million, down from $192 million in fiscal 2009. Its revenue was $1.84 billion, compared with $1.98 billion in fiscal 2009.
Aside from the net loss improvement it doesn’t sound like the greatest news, however, CEO Bob McKnight seemed pretty upbeat about the performance.
I’m very pleased to report exceptional fourth quarter and full fiscal year results,” he said in his opening remarks. “This performance resulted from many factors, but most important is our innovation, execution, developing and delivering great products. Our creative and impactful marketing efforts; we’re taking good care of our customers; and from the efforts of our teams of employees and reps, these talented people who have worked really hard this year; and from a focused business discipline that we’ve made standard practice throughout the year.
The market seems to agree with McKnight’s rather rosy view. This morning Quiksilver was trading up nearly 5 percent to $5.25.
For the entire transcript of the call, click here.
[Link: Bloomberg and The Street]
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Billabong has announced that profits in the quarter ending December 31, 2010 will be 8 – 13 percent down over last year according to a story on SmartCompany.com.au.
The company now expects net profit for the full financial year will be flat, after earlier predicting profit would increase 2-8%. . . Billabong shares have fallen 9% in initial trade to $8.09, as investors reacted angrily to the shock downgrade. . . Finally, the company said it has had problems getting Billabong brands into the host of retail outlets it has purchased in the last few months, including the Surf Dive ‘n’ Ski and Jetty Surf chains, the Rush Surf chain in Queensland and the West 49 chain in Canada. . . It appears Billabong is having troubling selling out the stock in these stores, which it needs to do before it can start fitting out these stores with goods from the Billabong family of brands.
Seems like retail is always the weak link in the surf fashion business. (Click here for the entire call transcript)
[Link: SmartCompany.com.au and The Australian]
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The Immigration and Customs Enforcement Office of the Homeland Security Investigations raided three Abilene, Texas retailers last Thursday (December 9, 2010) and rounded up more than $100,000 in counterfeit DC Shoes, Fox Racing, Famous, and other branded merchandise.
The targeted stores have been previously identified as openly selling counterfeit clothing through the store fronts. ICE HSI agents had conducted surveillance and made undercover purchases at all three locations. Items purchased through the undercover operations were determined to be counterfeit by industry representatives. . . Some of the counterfeit items seized include: t-shirts, polo shirts, jeans, purses, hats, jackets and sweatshirts.
Nice of Homeland Security to watch out for corporate America like that because American corporations are America (or something like that.) Follow the jump for the official release. [click to continue…]
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Quiksilver stock rocketed up this morning on rumors the company may be taken over by French multinational holding company PPR, according to Reuters.
French newspaper La Tribune reported that the owner of the Gucci, Yves Saint Laurent, Puma and Bottega Veneta brands is looking to buy a sports brand and could be attracted by the Huntington Beach, California-based seller of adventure sports apparel.
The stock was up nearly 18 percent on the news. The French certainly do love them some Quiksilver, don’t they?
[Link: Reuters]
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Each December for the past 18 years 686 owner Mike West has been thown a holiday party for employees, friends, and family. This year his annual Black & White Party was held at Hollywood’s Bardot on Vine. By 9 PM there was a line 60 people deep all dressed in some kind of mix of darkness and light, and truthfully, not standing out a whole lot from regular Hollywood night visitors.
Inside guests were treated to caricature artists, DJ Barbie and DJ Quickstat, the requisite photo booth, not to mention the warm hospitality Mr. West always provides. At 9 PM models showed off 686’s next wave of outerwear. It was an amazing evening of holiday cheer that reminded us that Hollywood still isn’t overrated.
Follow the jump for more photos.
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When Laguna Beach, California’s Thalia Surf Shop owner Nick Cocores’ discovered that the art gallery next door was packing it in he realized it was the perfect opportunity to not only expand his retail footprint, but also to partner with a popular brands.
“We approached Vans with the space coming available and asked them if they wanted to work with us,” Cocores said (pictured right with Steve Van Doren). “They were totally supportive and wanted to get on board. And so here we are.”
Thalia has carried Vans since the shop opened in 2001 but because the the cozy size of the shop the shoes were limited to a small wall section where Cocores was able to display 25-30 pairs of shoes. But now with close to 900 feet devoted to the brand he can obviously show more. “We can probably have 100 shoes in here now,” he said looking over the new Vans Thalia Surf Shop space.
Follow the jump for the rest of the story
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