by The Editors on June 9, 2010
The Queensland Supreme Court ruled today (June 10, 2010) that when Billabong terminated its licensing agreement with Suzi Burke Suwenda’s company CV Bali Balance they did it correctly, according to a story in The Australian.
CV Bali Balance, associated with Sydney-born businesswoman Suzi Burke Suwenda, has lodged a claim in a Bali court for about $168 million in damages from Billabong after the surfwear company cancelled a distribution licence in 2005. . . The action in a Denpasar court is current, but the Queensland Supreme Court ruling should have a big bearing on the case in Bali, with several of the legal actions there relating to the legality or otherwise of the termination of the distribution agreement.
Even with the good news Billabong’s stock still dipped .11 percent yesterday. Suwenda, on the other hand still believes PT Bali Balance will prevail in their civil case in Indonesia, according to Goldcoast.com.au.
[Link: The Australian and Goldcoast.com.au]
by The Editors on June 3, 2010
Quiksilver shares jumped 13.4% to $5.23 in after hours trading after the company announced improved profit and stronger outlook, according to a story in the Wall Street Journal.
For the quarter ended April 30, Quiksilver posted a profit of $9.4 million, or 6 cents a share, up from $2.8 million, or 2 cents a share, a year earlier. Excluding restructuring costs and other items, earnings from continuing operations rose to 11 cents from 5 cents. Revenue slid 5.2% to $249.3 million. . . In March, the company projected earnings in the low-single-digit range and expected revenue to fall in the high single-digits on a percentage basis, a generally downbeat view from Wall Street’s then estimates.
The most unsettling part for us was that sales revenue in the Americas dropped 13 percent. Higher profits and lower sales is a nice pony to ride. . . for a short while. Follow the jump for the entire press release or click here for the entire call transcript from The Street.
[Link: Wall Street Journal]
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by The Editors on June 3, 2010
Shaun White has reportedly left his long-time agent Mark Ervin and IMG and made the move to Hollywood’s uber-huge Creative Artists Agency, according to a Tripp Mickel story in the Sports Business Journal.
After eight years of working together, White last week dropped Ervin and IMG for CAA. He now is represented by a team of CAA agents who will work to develop marketing partnerships, appearances and television, music and motion picture opportunities for the 23-year-old.
Creative Artist Agency represents pretty much every A-lister in the business including (but not limited to) Steven Spielberg, Tom Cruise, Brad Pitt, Ashton Kutcher, David Beckham, LeBron James, and of course, Tony Hawk.
This ought to keep those millions rolling.
[Link: Sports Business Journal via ESPN/Action]
by The Editors on June 3, 2010
Xanadu, the East Coast’s own version of the failed Anaheim Gotcha Glacier indoor snowboarding and retail complex idea (which got approved in 2004), has apparently been rebranded as Meadowlands in an effort to round up more funding for the $2 billion, according to a story in NorthJersey.com.
Meadowlands SnowPark is “more than just a ski slope…it’s an Alpine resort,” the website reads. Kirkos calls it a “tourist magnet.” SnowPark will feature skiing, snowboarding, novice slopes, lessons and a snowplay area for kids. The 800-foot-long indoor snow facility is the first in North America, according to the site. The SnowPark will feature a quad chairlift, magic carpets for beginners and a platter lift. . . .New Jersey Sports and Exposition Authority (NJSEA) officials are working with Miami Dolphins owner Steve Ross and his Related Companies in hopes of an investment of the $500-700 million necessary to move the stalled project forward. . . .
Hard to believe that anyone would think they would see a return on that kind of investment.
[Link: NorthJersey.com]
by The Editors on June 2, 2010
Quiksilver announced today that member Charles Crowe has resigned from the company’s board of directors after 30 years.
“It has been personally and professionally gratifying to work with Quiksilver over the many years,” Mr. Crowe said. “I believe that under Bob’s continuing leadership, the company will strengthen and expand its global Quiksilver, Roxy and DC presence and I look forward to following the company’s progress. I would like to wish the entire Quiksilver team the best of luck in the future.”
. . . because they’re going to need it. Okay, we added that part. Mr. Crowe didn’t say it. Follow the jump for the entire release. [click to continue…]
by The Editors on June 2, 2010
What’s the difference between a Billabong bikini fashion show and Design For Humanity fundraising event June 10, 2010 at Paramount Studios? Marketing. How do they make watching hot, nearly naked girls prance and strut on a runway feel good for the soul? Billabong Women’s Brand Director Candy Harris tells Tiffany Montgomery all about it in her interview on Shop-eat-surf.com.
I wanted to create an event that would help inspire young people to get involved with the world around them and hopefully motivate them to make a difference. When you’re young it’s easy to get the feeling that if you don’t have thousands of dollars to donate that your voice will get lost. . . The idea behind DFH was to showcase various non-profits in a non-traditional way. We didn’t want it to be a lecture, we wanted it to be all about creativity and celebrating the good work that is being done by these groups. And for $30 you are getting a live concert, fashion show and art show – and more importantly are being exposed to some amazing organizations.
. . . and of course rocket hot, nearly naked girls prancing and strutting on a runway.
[Link: Shop-eat-surf.com]
by The Editors on June 2, 2010
On the heels of yesterdays news that Source Interlink’s Action Sports Group has signed a deal with the Board Retailers Association comes news that Transworld Business has partnered with Group Y as their “exclusive B2B partner” according to a press release.
As the exclusive B2B media partner, TransWorld Business will help co-produce the events, provide exclusive editorial coverage, and sell in key credible sponsorships toward the panel series. . . “With this new partnership, TransWorld Business can now provide our over 4,000 members resources that expand beyond our monthly meetings and conferences,” said Mark Sperling, group Y co-founder and president. “The action sports industry and those involved with our lifestyle recognize TransWorld Business as the authoritative voice for our sports and culture and we feel they are the ideal partner for us. We are looking forward to working with TransWorld on expanding our content and reach, to better help the growth of our industry for years to come.”
Wonder what part Shop-Eat-Surf.com played in pushing this deal together?
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by The Editors on June 2, 2010
It’s been quite a while since we’ve mentioned Jamie Salter, but the guy who took snowboarding public on May 6, 1994 (when Ride Snowboards hit the NASDAQ) is still going strong with his company Authentic Brands Group, LLC.
In fact, he just landed a “$250 million equity capital raise with Green Equity Investors V, L.P an affiliate of Leonard Green & Partners, L.P. (“LGP”), Knight’s Bridge Capital Partners Inc. (“Knight’s Bridge”), a wholly-owned subsidiary of Counsel Corporation,” according to news released today.
The deal reportedly brings him back together with former Gen-X partner Kenneth Finkelstein. Together the two owned, operated, and/or were closely involved with Ride Snowboards, Airwalk, Sims, Duffs, and a host of other second tier action brands like Lamar, LTD Snowboards etc. Finkelstein’s Knight’s Bridge Capital currently owns the Poloroid brand.
“I am very excited to embark on this new venture with my partners at LGP and Knight’s Bridge. LGP is among the world’s most experienced private equity investors in the retail and branded consumer products industries and Knight’s Bridge will provide its own exceptional investment and brand licensing expertise,” Mr. Salter said. “Our collective experiences will enable Authentic Brands Group to acquire and grow a global portfolio of world renowned brands.”
Currently ABG manages the Bob Marley brand and is looking to “actively acquire and manage iconic consumer brands in the apparel, sporting goods, action sports, home, celebrity, entertainment and consumer electronics segments.” That $250 million war chest can’t hurt. Wonder who they’re going to buy first?
Follow the jump for the entire release
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by The Editors on June 1, 2010
Maloof Money Cup owner Joe Maloof was interviewed by CNBC’s Darren Rovell about his familiy’s sports business. Not surprisingly the first topic was skateboarding.
Hits to our Web site are exploding and we’ve truly become the greatest skateboarding event out there,” Mr. Maloof said. “Our goal continues to be to get the top skateboarders in the world to our events and we did it here again. Out of the top 48 skateboarders, it looks like we’ll have at least 47, including P-Rod and Chris Cole, and might get them all if Ryan Sheckler comes.”
We’re guessing he’ll be there. No?
[Link: CNBC]
by The Editors on June 1, 2010
Intrawest has been busy lately trying to come up with a way to cover $4 billion in debt. Apparently one way is to sell Mountain Creek to Crystal Springs owner Eugene Mulvihill, according to a story in NJ.com. And like any developer he apparently has “big plans” for the resort.
He said he envisions an indoor water park, rain forest, hotels and retail and health food shops at the Vernon Township resort in the northwestern corner of New Jersey.
Yeah, water parks and rain forests are rad. We hear they’re the new “slope-side condo.” Wonder if they’re going to change the name back?
[Link: NJ.com via First Tracks]
The Queensland Supreme Court ruled today (June 10, 2010) that when Billabong terminated its licensing agreement with Suzi Burke Suwenda’s company CV Bali Balance they did it correctly, according to a story in The Australian.
