by The Editors on June 15, 2009
This new “Eco-Supreme Suede” joint between Washington DC retailer Commonwealth and Billabong looks pretty sweeco. Here’s what Slamxhype had to say about them:
Made using approximately 10 recycled 12 oz. plastic bottles per board-short the term “eco friendly” could not get much more advanced. While the branding is well represented in the Custom sublimated tiger stripe “CMONFLAUGE” creating a great effect. Available only at Commonwealth & Cmonwealth.com.
Just think how many pairs of trunks they could make if they rounded up all that plastic in the Great Pacific Garbage Patch.
[Link: Cmonwealth via slamxhype]
by The Editors on June 15, 2009
Billabong needed a little cash to hold them over so what did they do? They went to the market in a “rights issue,” according to a story in The West Australian.
The oversubscribed retail rights issue raised $61 million, and the company raised around $230 million from institutions.
. . The proceeds from the entitlement offer will improve the company’s balance sheet and give it more flexibility, chairman Ted Kunkel said in a statement. . . Under the entitlement offer, eligible shareholders could subscribe for two new Billabong ordinary shares for every eleven existing ordinary shares they owned at a price of $7.50 per new share.
The new shares will begin trading on the Australian Securities Exchange on June 22.
[Link: The West Australian]
by The Editors on June 11, 2009
Coolhunting.com featured a collection of Jesse White sketches for the new Shaun White For Target Collection. If you’re into fashion’s backside check them out. As for the Target clothes, they maybe cheap, but they’re made in the same kinds of Chinese factories that make all the major label stuff, so really, what is the difference?
[Link: Cool Hunting]
by The Editors on June 10, 2009
Okay, we’re kidding. No real news here, other than it’s official. Eric Koston is getting paid by Nike SB. Nice work, Kevin.
[Link: Nike SB via @liamgriffin]
by The Editors on June 10, 2009
On the heels of the June 8, 2009 news that Quiksilver had secured a $150 million loan from The Rhone Group and would not be selling off any of its brands, DC Shoes President Nick Adcock has resigned “to pursue other interests,” according to a story on SportsOneSource.
Adcock had been president of DC Shoes since February 2006. Prior to becoming president, Adcock had been with DC Shoes for three years and previously served as Australian General Manager, in which he set up the company’s first subsidiary operation. Prior to joining DC Shoes, he held senior positions with Reebok Australia and Reebok International. . . . Quiksilver Americas’ President Craig Stevenson will assume Adcock’s responsibilities on an interim basis while a search for his replacement commences.
This appears to put to rest recent (completely unconfirmed) speculation that Adcock may have been rallying the financing to purchase DC Shoes and take the company private.
[Link: SportsOneSource]
by The Editors on June 9, 2009
Burton’s Senior Vice President of Creative Greg Dacyshyn is experiencing the “pleasure” of announcing the company’s latest collab with designer Paul Smith. This time things are getting a little punk “which is right up Paul Smith’s alley,” according to a press release on Burton.com.
The focal point of the 2009 Fall/Winter collection is a bondage-inspired snowboarding jacket that combines fashion and function with welded pockets, taped seams, a pass pocket, gauntlet cuffs and an adjustable hood. The jacket is available in two colorways; black shiny rubber and jacquard leopard print.
A “black shiny rubber” bondage jacket? According to the release, Burton team rider Chris Sorman definitely wants “to get my hands on these pieces.” But the real shame is that David Carradine won’t be around to enjoy this one.
[Link: Burton]
by The Editors on June 9, 2009
The market isn’t exactly responding joyously to Quiksilver’s recent Q3 forecast and financial restructuring plans. The stock was trading down 21 percent this morning to $2.83 a share after the company’s recent plans emerged, according to a story in the Wall Street Journal.
. . . it [Quiksilver] secured financing from private equity firm Rhone in the form of a five-year, $150 million loan to help stabilize its liquidity position. Quiksilver, which has been exploring strategic and financing alternatives, relies on short-term and uncommitted funding. . . Under the deal, Quiksilver will name two board members designated by Rhone. . . In addition, Quiksilver entered a written commitment with Bank of America Corp. (BAC) and General Electric Co.’s (GE) GE Capital, as joint lead arrangers to refinance its existing Americas facility with a new three-year, $200 million asset-based credit facility. The company is also in discussions with its French banking partners to consolidate its European debts into a multi-year facility.
According to Calpers.ca.com Rhone is a “private equity firm specializing in leveraged buy-outs of trans-Atlantic and pan-European businesses.” Guess this means Quik will cover its $55 million Euro note that comes due on June 30, 2009, but what does it mean for the future when two board members are friends of Rhone?
For his part, Kelly Slater appears to have faith in the company. Much of the compensation for this new 5-year Quik sponsorship deal comes in the form of stock, according to a story on Surfingmagazine.com.
[Link: Wall Street Journal and Surfing Magazine]
by The Editors on June 8, 2009
Sure, these Jeremy Scott designed adidas snow boots look great. According to Highsnobriety.com they are “snowboard-themed.” Guess that means you can wear them around when you’re trying to “look” like a snowboarder, but not when you’re actually being a snowboarding. The boots are apparently launching in October 2009 for $250. Seems like it would be cheaper to just wear your shred boots around. . . more authentic, too.
[Link: Highsnobriety via Hypebeast]
by The Editors on June 5, 2009
After May ended up being Volcom’s worst month since December, analyst Mitch Kummetz of Robert W. Baird & Co. said he is lowering his forecast for the company, according to a story in the Orange County Business Journal.
He now forecasts Volcom to earn $9.9 million in the third quarter, below the $11.4 million Wall Street expects on average. . . The report sent Volcom shares down after a run-up that have seen them double since early March. Volcom has a market value of about $320 million.
And that sent Volcom shares down nearly 8 percent to $13.32.
[Link: Orange County Business Journal]
by The Editors on June 5, 2009
Rip Curl announced today that they have bumped former European CEO Olivier Cantet up to the position of group CEO beginning July 1, 2009, according to a press release on Global Surf News.
Olivier has been with Rip Curl since 2003 in his current regional role of European CEO and he will continue to manage that business alongside his new group responsibilities. Olivier takes over as Group CEO from Francois Payot, who has held the group position since 2006. . . Francois will resume his former role as Founder Director on the Rip Curl Board alongside Brian Singer and Doug Warbrick.
[Link: Global Surf News]
