Billabong’s potential sale of RVCA, Element, or Dakine apparently has investors feeling more positive about the company according to a story on Bloomberg.com.
Shares in the company, which has breached debt repayment terms, surged as much as 35 percent following the statement to the Australian stock exchange and were 31 percent higher at 17 Australian cents at 2:49 p.m. in Sydney.
It’s sad when a 30 percent “surge” takes a stock to 17 cents, but good news is good news. The cause of the surge was a company update (which you can read after the jump) in which Billabong said that it has “entered into separate discussions with Altamont Capital Partners and Sycamore Partners regarding proposals presented to the Company for alternative refinancing and asset sale transactions.”
Volcom is taking some tips from parent company Kering and is putting out some footwear that looks nothing like sister company Puma’s offerings. Here is their justification for those who have forgotten what Volcom is all about:
Volcom is a “modern-lifestyle” brand that embodies the creative spirit of youth culture. Our dedication to creating amazing footwear that compliments and completes our apparel and accessory collections affirms Volcom’s ultimate goal, which is to provide high-quality lifestyle-enhancing product to people that share our passion for art, music, film and riding. Volcom was founded on liberation, innovation and experimentation while remaining focused on breaking-down established traditions.
Those are some “youth against establishment” boots if we’ve ever seen them.
Founding Nixon Canadian sales team member Brian White has been named to the position of Director of North American Wholesale Sales at Nixon where he will oversee the company’s US and Canadian wholesale sales and report to Mike Hoefer.
“This is a unique and exciting time,” stated White. “I feel it’s the perfect opportunity for me to impact the Nixon business with their very talented team. I am excited to learn from their expertise and help optimize the performance of the inside and outside sales teams. As one of the founding sales reps of the brand, I have experienced Nixon’s successes and feel the best years are to come.”
Congrats, Brian! For the official word from Nixon, follow the jump. [click to continue…]
When Kate Spade decided to launch a new low-end clothing line called Saturday, NYC-based surf boutique Saturdays Surf NYC decided they’d take the company to court, according to a story on Complex.com. Unfortunately for them, their bid to stop Kate Spade from launching the new brand was unsuccessful.
Judge Miriam Goldman Cedarbaum concluded that “Saturdays Surf NYC has not shown a likelihood of confusion by a preponderance of the credible evidence. I am particularly persuaded by the relative weakness of the word that the two marks share, the significant distance between the men’s and women’s products, and the consistent inclusion of the famous house mark, Kate Spade, in its Kate Spade Saturday mark.”
Chalk another one up for high fashion big business.
Dakine hasn’t let parent company Billabong’s financial travails keep it from moving into some dope new digs in Hood River, Oregon, according to a story in the Portland Business Journal.
Its new home will accommodate growth and features earth-friendly designs including a rooftop garden, extensive use of daylight, water efficient features and reclaimed wood. Solar panels will be installed in the future.
We just hope they get to grow as they should. We hear Dakine may be out from under the “Billabong umbrella” sooner rather than later, and working right next door to the makers of Tofurkey can’t hurt.
When a true waterman has to go it’s not bad to be on the water as Body Glove co-founder Bob Meistrell was on Sunday, June 16, 2013. Meistrell was on his yacht The Disappearance on Sunday morning when he had a heart attack, according to a story in the Daily Breeze. He was 84 years old.
The Disappearance was the lead boat in the 22-mile Rock 2 Rock race Sunday from Isthmus on Catalina to Cabrillo Beach in San Pedro. As he’s done in previous years, Meistrell led the paddleboarders out of the harbor about 6:30 a.m., his son said. . . But around 7, Robbie Meistrell said he’d received a call that his father’s boat, which was also carrying his mother, Patty, and a second cousin, had a double-engine failure. He was nearby and preparing to help tow the vessel in when he heard soon after that his father had suffered a heart attack in the boat’s engine room, he said.
Meistrell, who founded Body Glove with his twin brother Bill, will be remembered as a legendary diver, surfer, and waterman. Our thoughts are with the entire Meistrell family.
The last time Quiksilver posted a profit was 2006. A survey by financial services firm Piper Jaffray & Co. found that Quiksilver’s brands trailed in popularity among teenagers, its core customer base. . . “The company faces competition from other action sports brands. . . ” King said. . . “Much of the company’s potential for success hinges on its ability to accurately predict consumer preferences and fashion trends,” he said. “We believe that the company’s failure to anticipate, identify and react in a timely matter to fashion trends could negatively affect its business.”
Yeah, that’s possible. The analysts, however, believe Quik is still a buy or hold because hey, that new CEO has a great plan.
We’re always a little worried when major labels announce plans to double or triple revenue, but that’s exactly what Vans is planning to do by the year 2017 according to a report released today. As part of VF Corp’s “global strategy to reach $17 billion in Revenues and $18.00 in earning per share by 2017” Vans will need to nearly double revenue in the next four.
The Vans brand raised its average annual revenue growth projection, initially provided in June of 2012, from 13 percent to 15 percent. The brand is now targeting total revenues of $2.9 billion by 2017, up from $1.5 billion in 2012.
It’s nice to have a goal, right? But think about how ubiquitous Vans are now and then double that? Doug Palladini and the team have a pretty big job to do. For all the official details on the plan, follow the jump. [click to continue…]
Dennis Busenitz certainly does catch those flips nicely. In fact, there’s not much Busenitz does on a skateboard that doesn’t look good and fast. Here’s a little more proof.
The boys from Bohnam have have set aside their outdoorsy vibe for a moment and picked up paddles for some table tennis action. From the looks of it, no one runs the table like Austin Lycans.
Billabong’s potential sale of RVCA, Element, or Dakine apparently has investors feeling more positive about the company according to a story on Bloomberg.com.
