Turns out Bain Capital, the company co-founded by US Presidential bumbler Mitt Romney, is not interested in purchasing Billabong, according to a story last week in the Sydney Morning Herald.
Billabong said today the second party to make a takeover offer had now withdrawn from the formal process. . . The company’s shares slumped as much as 6.9 per cent after coming out of a trading halt this morning and were recently trading at $1.335, down 11 cents, or 7.6 per cent, well below the value of the offers.
But the most interesting comment cam from IG Markets analyst Cameron Peacock.
‘‘They are a struggling retailer,’’ he said. ‘‘As a shareholder the only reason you would have been comfortable holding this stock was because it was under takeover offer. ‘‘I’m surprised it is only down seven per cent.’’
Maybe Billabong should swap out their “Life’s Better In Boardshorts” tagline for a new one: “We’re A Struggling Retailer.”
In an innovative twist, the latest surf video from Volcom strays far afield from the formulaic action sports film genre and into completely new, uncharted artistic waters. The “creative short film,” titled Obscurite, features a scared, frantic, confused yet well dressed blonde woman running from something that we never see. Directed and produced by artist Mike Aho the film includes absolutely no skateboarding, surfing, or snowboarding. How French.
[Editors’ Note: Sorry, apparently, this new “creative short” is not a surf video, and is, in fact, a fashion video which was not intended to feature any action sports at all. We apologize for this misunderstanding.]
The world’s largest snowboard company (Burton, duh) has partnered with the Williams-Sonoma, Inc. owned Pottery Barn Teen on an “an exclusive home collection” according to a story on Pymnts.com.
The new collection will be available through the PBteen catalog, e-commerce site PBteen.com and at the six PBteen stores beginning this September through the 2012 holiday season. . . The new Burton home collection includes bedding, lighting, lounge seating, wall décor and accessories for tweens and teens. The collection features patterns and prints inspired from Burton’s popular apparel line. Some highlights include: a quilt which is comprised of 12 t-shirt logos from Burton’s current and past seasons, as well as a duvet cover modeled after a Burton snowboard jacket with authentic details like zippers and pockets. The Burton home collection also includes wall murals featuring images of Burton Team Riders: Danny Davis, Gabi Viteri, Hannah Teter, Jussi Oksanen, and Nicolas Muller.
This stuff actually looks really good. If Pottery Barn is going to do snowboarding, they might as well do it right. Same for Burton.
Well, there goes the surf clothing industry. Rip Curl Group Pty. is now reportedly looking for someone who will trade them A$500 million for the brand, according to a story on Bloomberg Businessweek.
The closely held Australian company has hired Bank of America Corp.’s Merrill Lynch unit and is seeking about 10 times its projected A$48 million 2013 earnings before interest, tax, depreciation and amortization, the person said, asking not to be identified before a public announcement by Rip Curl. Merrill Lynch is assessing “unsolicited approaches” for the company, Rip Curl said in a statement today.
Sound great. It’s such a sellers market in the surf fashion industry right now.
For as often as fashion designers have stolen from surf culture to style their “resort wear” we are never surprised by the way New York’s old media relates to it.
For instance, here is New York Times men’s fashion writers Bruce Pask and Jason Rider on the latest round of surf inspiration. This time from designer Robert Geller.
While surf as a fashion reference is quickly becoming as exhausted as heritage is, Robert Geller explored a darker twist on the theme, finding inspiration in the photographer Sarah Moon’s ominous depictions of beaches to create his latest collection. Wet suits are reimagined as black neoprene moto jackets and leggings; abstract brushstrokes take the place of Hawaiian prints; and slouchy shorts and sleeveless tops are offered in black, charcoal and navy, instead of sunny, oceanside colors. Where this urbanized surf idea works best is in the silhouette of a sheer knit over a tank top, tucked into pleated trousers and punctuated with slip-ons by a collaboration between Geller and Common Projects.
And then we vomited our Alejandro’s burrito (mixed with horchata) directly onto our clean, white Apple keyboard. Yep, surf’s up, bros.
“He’s A Chef” will be available on a limited edition 7″ as part of an apparel and accessories collaboration between Volcom Clothing and Yo Gabba Gabba. The 7″ that also features a collaboration between hip-hop/bizarro artist Biz Markie and Flaming Lips frontman Wayne Coyne. It is being given away to 100 lucky winners here and will be available on September 21st at select Volcom retailers as a free gift when you purchase any of the collaborative products.
Raen Optics has announced that surfer, explorer, and artist Thom Pringle as joined the company as it’s newest ambassador.
At 20, his creative thrust is perfectly aligned with the RAEN family according to Creative Director and Founder Justin Heit: “Thom’s love of fashion and his authentic perspective fuel a soft-spoken passion for surfing and the creative aesthetic we identify with personally. He’s a perfect fit.”
Thanks to a new deal with Japan’s Fusion, Inc., Sessions branded clothing will now be licensed in Japan, rather than just distributed.
. . . becoming a SESSIONS licensee will ultimately allow them [Fusion] to provide its Japanese end user a more competitive price, expanding brand presence in the country. . . SESSIONS President Cindi Busenhart is excited about the possibilities linked to the new agreement, “We look forward to collaborating with Fusion as we expand the SESSIONS brand in Japan. Both companies have a strong background in action sports and we have been partners for years. This agreement marks the beginning of a new era for SESSIONS, strengthening the brand globally while maintaining the highest quality product.”
Dakine is leaving it’s old Hood River headquarters in the spring and will occupy half of a 45,000-square-foot facility in the Port of Hood over’s Waterfront Business Park, according to a story in the Portland Business Journal.
Dakine will relocate from its current headquarters on Columbia Street in downtown Hood River to the new Parkside Lands site at 603 Portway Ave. next spring. Once the building is completed, Key Development will transfer ownership to Parkside Lands LLC.
Looks like workers will be able to sail (or kite) right out the front door. New offices, new owners? Wonder what else is in store for Dakine in the coming months?
Turns out Bain Capital, the company co-founded by US Presidential bumbler Mitt Romney, is not interested in purchasing Billabong, according to a story last week in the Sydney Morning Herald.
