by The Editors on December 21, 2011
The good news is there appears to be a floor stopping Billabong’s two-day free fall. Yes, on Wednesday, December 21, 2011 shares bounced up 10.16 percent to close at $1.95, according to a story on Business Spectator.
Surfwear retailer and manufacturer Billabong International Ltd has lifted over 10 per cent, clawing back some of its massive losses from earlier in the week.
And though it’s not exactly back in solid terrain, at least the stock didn’t fall below a dollar. That may be thanks to IOOF Holdings 1.1 million share purchase on Monday, December 19, 2011.
[Link: Business Spectator]
by The Editors on December 21, 2011
When we think of hard-charging snowboard boarder cross racers bumping and hopping down an icy race course, we don’t exactly think L.L. Bean. But it appears the Maine based maker of all things classically backwoodsy is trying to change that by signing up two-time Olympic Gold medalist Seth Wescott as a “brand ambassador.” Apparently:
“Seth and L.L.Bean share many of the same values – a love and respect of the outdoors and a passion to educate and inspire youth to enjoy the outdoors,” said Steve Fuller, L.L.Bean Chief Marketing Officer. “He will be a great brand ambassador both here in Maine and around the world.”
The deal is for three years. It would be kind of epic to see Seth flying down a world cup BX course in this. Follow the jump for the official word. [click to continue…]
by The Editors on December 21, 2011
Winter hasn’t even really gotten started, but ERGO is already looking forward to summer. Can’t say we blame them at this point.
[Link: ERGO]
by The Editors on December 19, 2011
Good news for fan of the Vans waffle sole iPhone 4 case that’s been showing up all over the web lately. According to inside sources it’s the real deal. It’s ready for an official launch in mid-2012. Our source went on to say that a few select Vans stores will have them during the Holidays and they may be available in the Vans.com store. If you want one stay on it, they’re already showing up on ebay.
And yes, we’ll let you know if one magically shows up here. Don’t think we didn’t ask.
[Link: Vans]
by The Editors on December 19, 2011
Her royal hotness Gisele Bundchen is staring in a new series of ads for designer label Givenchy. In the ads, she and two pouty bros appear rather miffed to be stuck on a stormy beach with surfboards, but no boardshorts nor bikinis. Here are the details from Fashionista.
Like the Versace ads, these were also shot by Mert Alas and Marcus Piggott, and they show off Riccardo Tisci’s goth asesthetic perfectly. The beach, usually a sunny and joyful place, gets dark and stormy in Tisci’s hands.
If Gisele wants to surf, guess she’s going to have to paddle out in her undress.
[Link: Fashionista]
by The Editors on December 18, 2011
On November 25, 2011, when we linked a story saying that Billabong’s stock had “mysteriously” dropped 12.5 percent in one of the busiest days of Billabong stock trading all fall, one of our commenters speculated the following: “Insider trading. Someone’s gotta know something.”
Oddly, today, December 19, 2011 saw Billabong stock fall 44 percent (to a record low) after the company reported that “sales growth had ‘deteriorated significantly'” in the pre Christmas months “as fears of global recession undermined consumer confidence,” according to a story in The Australian.
Billabong has forecast earnings before interest, tax, depreciation and amortization of between $70 million and $75m for the first half of the financial year, down from $94.6m in the previous comparable period. . . The company also said the “poor macroeconomic and trading environment” meant it was unable to provide any forecast for the rest of the financial year, but noted “strong underlying EBITDA growth compared to the previous comparable period in constant currency terms for the full year is not expected”.
Those people who got out three weeks ago must simply be blessed with perfect timing. Unfortunately, founder Gordon Merchant, Billabong’s largest shareholder, was not one of them. His fortune took a reported $78 million fall today, at least on paper. For more Billabong’s current financial situation check out the Wall Street Journal.
[Link: The Australian, Sydney Morning Herald, and The Wall Street Journal]
by The Editors on December 16, 2011
Bonfire and Salomon Snowboards parent Amer Sports announced today that they have purchased the women’s action apparel company Nikita for an undisclosed amount.
“Amer Sports is filled with people who skate, surf and snowboard, and we’ve got great brands with Salomon Snowboards, Bonfire and now, Nikita,” said Brad Steward, Head of Action Sports at Amer. “Nikita will give us a broader portfolio in the area of Action Sports, complementing Salomon snowboards and Bonfire. Amer now has a platform to grow with new consumer groups and bring a broader range of exciting, authentic products to market”.
Nikita Co-Founder Heida Birgitsdottir seems happy about the deal. “We are all really pleased to work with a company that can give our brand and our customers a solid base. As the Head of Design, I’m excited to see what we can create with Amer Sports’ support.”
For the rest of the story, follow the jump [click to continue…]
by The Editors on December 16, 2011
Praxis Footwear, the Ashland, Oregon based skateboarding footwear startup has partnered with S & J Sales out of Toronto to distribute and build their brand in Canada.
“S&J is the perfect fit to launch the Praxis brand into Canada,” says Praxis co-founder Travis Matsdorf. “The Greenidge family has deep roots within the marketplace, a firm understanding of the space and a sound infrastructure. We will ensure they are supported in executing our unified vision.”
For the official word, follow the jump. [click to continue…]
by The Editors on December 16, 2011
As fans of competitive surfing we’re finding it hard to care about Quiksilver at all lately what with Kelly Slater’s rumored towel throwing on number 12 and Dane Reynolds falling off the tour to become Quik’s younger, better looking, more talented, less weedy Dave Rastovich. But by being a public company Quiksilver is forced to report their earnings so we’re somewhat obliged to at least copy and paste their quarterly press releases.
On the surface Quik “beat Wall Street expectations” according to Reuters. Revenues reportedly “grew 10% to $545.2 million as compared to $495.1 million in the fourth quarter of fiscal 2010 and grew 6% in constant currency.” This great news caused the stock to go up 12 percent this morning. Even with this boost, however, the stock is still down 31% on the year, and over 78% in the last five years). Luckily, the past doesn’t matter on Wall Street.
Then there are things they don’t count like “$52.1 million of special charges.” When you look at the year including “special charges” Quik ends up with a “loss from continuing operations [of] $21.3 million, or $0.13 per share, compared to $11.5 million, or $0.09 per share, for the full year of fiscal 2010.” So, while more informed heads will explain exactly why “special charges” don’t count, we’ll put it simply: Quiksilver lost nearly twice as much money in 2011 as they did in 2010.
The other thing we found interesting is that Quik is cliff dropping back into outerwear in the Americas. In the conference call (which you can read here) CEO Bob McKnight was particularly excited about re-re-relaunching the Quiksilver Mountain division at January’s Outdoor Retailer Show:
We see a large opportunity to expand our addressable market in the middle part of the United States and Canada by adding cold weather outerwear to our product range, much like we’ve successfully done in Europe. The first step in this strategy is the launch of the Quiksilver mountain division at Outdoor Retailer Show in Salt Lake City in January 2012.
A cynic would ask why McKnight believes the launch will work this time, where it has failed in the past. In these situations and with Quik’s business in general, it’s a good thing is that investors only care about two quarters: last and next. And because of that many are now rating Quiksilver a buy, which means it’s probably a buy again. Crazy. But before you log into trade, maybe you should read Jeff Harbaugh’s Market Watch.
For the official word form Quik, please follow the jump. [click to continue…]
by The Editors on December 12, 2011
Attorney to the action world Greg Weisman is launching a new West Coast office of the law firm Ritholz Levy Sands Chidekel & Fields LLP, according to a story on Apparel News.
“As sad as it was to see Silver & Freedman decide to close its doors, I could not be happier about this opportunity,” he said. “I have been working with, both as co-counsel and sometimes opposing counsel, the guys in New York, and when this opportunity arose, I couldn’t pass it up. They represent some of the most significant clients in the music, film, media, fashion and technology industries. The sky is the limit on how we can work together.”
Glad to see that Gregory Weisman, Esq. is still deep in the game. And with a five name firm no less.
[Link: Apparel News]
The good news is there appears to be a floor stopping Billabong’s two-day free fall. Yes, on Wednesday, December 21, 2011 shares bounced up 10.16 percent to close at $1.95, according to a story on Business Spectator.
