West 49’s shareholders decided that being purchased by Billabong was a great idea, according to a story in the OC Business Journal.
Shareholders of West 49 voted nearly unanimously for Billabong’s $93 million buyout. The deal is set to close later this month or in early September. . . West 49, based near Toronto, runs a chain of 138 mall stores in Canada selling clothes inspired by skateboarding and snowboarding.
Apparently, 99.9 percent of the shareholders agreed. Wonder who the hold out was?
[Link: OC Business Journal]
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Mossimo Giannulli has officially licensed Modern Amusement to Pacific Sunwear of California, according to a story on Sports One Source.
Mossimo establishd the Mossimo brand in 1987 and later licensed to Target Corp. The MODERN AMUSEMENT brand has been sold in the United States through retailers such as Nordstrom, Barney’s, Fred Segal and Bloomingdales, and internationally through accounts such as Selfridges and Harvey Nichols in the U.K. and Beams in Japan. . . .”I am so pleased to be working again with Pacific Sunwear which in many ways is like coming home,” said Giannulli. “PacSun was my first large account when I was building MOSSIMO, and to be able to take the model that I have had so much success with and build on that platform with Gary and his team is really exciting.”
When we read news like this we wonder how much money Mossimo really need. More apparently. Then again he probably does it for the love of the game.
[Link: Sports One Source]
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After reporting year end numbers for fiscal 2010, Billabong shares dropped 13 percent according to a story on Goldcoast.com.au.
Billabong yesterday posted a $146 million bottom-line result, down 4.5 per cent on last year’s result. . . This year’s profit was again impacted by a higher Australian dollar, but investors sold off the stock due to weakliness in the company’s key overseas markets as well as Australia.
Derek O’Neill is right (click here for video). Being down only 4.5 percent in 2010 is pretty good. Apparently, Australian traders do not agree.
[Link: Goldcoast.com.au and Heraldsun.com.au]
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686 has moved from the darkside and into the light with the relaunch of their Winter 2010-11 web presence.
They’ve also added a little game to the mix with their interactive 686 Reservoir Dogs ad campaign featuring Marco Feichtner, Louie Vito, Forest Bailey and Patrick McCarthy.
As each ad drops, clues and a video are posted on www.686.com where consumers can follow the leads to win prizes and solve the big “mystery”…
Sounds mysterious indeed. Time to start sleuthing. Follow the jump for the official word.
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This story has been written up pretty much everywhere already, but as Podium was nice enough to send out the press release (including this photo of Mike Dunlap and Justin Reyes) we decided we’d throw in our two cents.
Here’s what they’re saying:
Under the terms of the new agreement Billabong will distribute Podium brands DVS, Matix, and Lakai in Australia as well as New Zealand alongside its current line of in-house brands including Element, Nixon, Von Zipper, Kustom Footwear and Plan B. . . .Although Billabong will assume full distribution of Podium’s brands in Australia, the company’s distribution responsibilities in New Zealand will be limited to Billabong’s company retail store channels as well as stores belonging to the Billabong-owned Amazon retail chain.
Looks like step one in a much more meaningful relationship down the road, something no one denied when Podium interviewed itself on Transworld Business.
Chalk up another win for the Bong. Follow the jump for the official release.
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While we sort out our thoughts on the fall ASR/ Class/ Crossroads/ Sacred Craft aggregation of trade shows here are some photos from Friday, August 13, 2010.
We cruised the isles, checked out the Grind For Life High Ollie Challenge, Volcom Best Trick, and then rolled over to Grant Brittain’s portrait show at the Subtext Gallery. We dropped in on the Tailgate Alaska snowboard movie premiere and then killed off the evening at Nobu with the rest of the industry (no photos, please).
Click here for all the photos.
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Every year Volcom chooses a theme and sticks to it for the entire trade show season. They’ve done hippies, hillbillies, and this year they raved it up with Volcom Techno Beach.
This clip is only one minute long. By the time the 2010 Fall Action Sports Retailer Show closes on Sunday, August 15, 2010 Volcom employees will have relived this minute 1,380 times. And then they will get to do it all again at Surf Expo next month, and at SIA in Janaury 2011. How’s that for dedication to the brand?
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The Rhone Group, the international leveraged buyout firm that saved Quiksilver from financial peril to the tune of $150 million in June of 2009, and then traded $75 million of that debt for 16.7 million shares in the company last month, has now “acted on all its options” and traded the rest of the debt in for 14 million more shares (at $4.50 a share) in Quiksilver common stock, according to papers filed with the SEC. As might not be surprising Quik CEO Bob McKnight is pleased with the deal.
“We’re delighted to complete this debt for equity exchange as another important step toward further de-leveraging our balance sheet. The transaction provides us with additional operating and financial flexibility. We especially want to thank Rhône for the tremendous vote of confidence in making this investment and for their ongoing belief in our company. Since extending the original term loans to us a year ago, Rhône has become a major presence in our board room and they have added significant value to our business.”
As The Rhone Group now owns close to 33 percent of the company we’re guessing they’re going to become a major presence in more than the board room rolling forward. For the entire release follow the jump.
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This really is more of a personal reminder to ourselves than to anyone else (we’re getting pretty forgetful these days), but tomorrow the Agenda Trade Show kicks off its two-day run at Huntington Beach, California’s Hyatt Regency Hotel. As if you don’t have enough going on this week. . .
To whet your appetite for Agenda check out these photos from the January 2010 Berrics Agenda.
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