by The Editors on July 23, 2012
TPG, the monster sized private equity firm (not to be confused with TCP the company that bought nearly half of Nixon), has made another offer for Billabong according to a story in the Australian Financial Review. Only this time it’s much lower than it was in February according to the Business Spectator.
In February, TPG offered $3.30 a share for Billabong, valuing the company at $850 million. This week’s offer of $1.45 a share comes at a 32 per cent premium to Billabong’s last traded price of $1.10, but illustrates the company’s struggles since the February offer, which has seen it issue another profit downgrade and launch a heavily discounted capital raising.
We’re guessing Mr. Merchant (and the board) will be a little more receptive to the offer this time around (seeing how things have been going recently).
[Link: Business Spectator and Australian Financial Review]
by The Editors on July 19, 2012
VF Corp, the parent company of Vans, Reef, The North Face, etc. . . announced its financial results for the second quarter today (July 19, 2012) and things are looking rosy at the soft goods giant. Total revenues were up 16 percent (thanks Timberland), gross margins expanded 46 percent, and cash flow from operations is “expected to reach a record $1.2 billon,” whatever that means. But how did Vans do? Well, they rocked it for another quarter.
The Vans® brand achieved a 25 percent (29 percent in constant dollars) increase in global revenues in the quarter, with double-digit revenue growth in the Americas, Europe and Asia. The Vans direct-to-consumer business also demonstrated solid results, with revenues rising by 18 percent.
Congrats, Vans. For the full release including not one word about Reef, follow the jump. If the raw numbers are more your deal, click here. [click to continue…]
by The Editors on July 16, 2012
Agenda NYC officially opened their doors to buyers and the press at 9 AM yesterday morning (July 16, 2012). Located inside the hardwood-floored, loft-windowed 82 Mercer space, Agenda is in the heart of Soho and only a short walk away from Supreme, the Burton Store, Saturday’s NYC and the many style boutiques that have made the neighborhood famous.
We’re still trying to process it all, but for a quick look at the space, the show, and the people who are attending click here for a complete photo gallery.
by The Editors on July 15, 2012
After a full day of doing business at Agenda NYC, it seems that Monday night (July 16, 2012) is shaping up to be a big old briefcase full of party business. Follow the jump for all the party flyer details. You’ll see exactly what we mean. [click to continue…]
by The Editors on July 15, 2012
Hackers have allegedly posted close to 35,000 “unencrypted text passwords” from the Billabong.com store, according to a story in The Australian.
Online publication SC Magazine has reported that hacktivists released the credentials under #WikiBoatWednesday, an event popular in hacktivist Twitter circles. . . Billabong has told the magazine that its customer database did not contain financial data, only personal information, but is yet to confirm or deny whether its user information has been hacked.
Billabong said the following: “We view this attack as an extremely serious matter and have taken urgent action to contain the incident and prevent further attacks occurring.” That’s just one reason why you shouldn’t use your email password when you’re buying bikinis.
[Link: SC Magazine via The Australian]
by The Editors on July 13, 2012
by The Editors on July 12, 2012
Five former employees of One Distribution Co. have brought a lawsuit in Orange County, California Superior Court against the company and also named Vice President of global Brands Matt Fontana for “alleged wrongful termination, sexual harassment, gender discrimination, retaliation and failure to take effective remedial action,” according to a story in the OC Weekly. The suit reportedly claims the following:
“Fontana subjected the female employees at One Distribution to greater scrutiny, stricter standards and treated them less favorably than similarly situated males,” reads the complaint. “Fontana compelled employees to ‘pose’ for sexually prurient prospective ads and to engage in work with inappropriate sexual content, advertising crude and questionable pornographic sexual material when the customer market for their work product is children (specifically boys) from the ages of 11 to 17 (primarily skating and skateboard apparel).
Wonder how this one will play out? For the rest of the story click the link.
[Link: OC Weekly]
by The Editors on July 2, 2012
Looks like a bad Monday (July 2, 2012) morning for the troops at Quiksilver Inc. as more than 40 employees are reportedly in the process of getting cut from the payroll.
In an email sent to employees this morning “on behalf of Rob Colby and Craig Stevenson” (Quiksilver Americas President and CEO respectively) the following was outlined:
We have identified a number of initiatives that will help us to achieve our goals, many of them associated with globalizing our business such as increasing the number of global products we sell, centralizing certain functions, and leveraging our marketing efforts across more of the globe. . . . As a result of our ongoing review, we are taking some actions today that result in the elimination of certain positions within the Americas region, specifically impacting 44 current employees. The employees whose jobs are being eliminated will be individually notified today and provided with a fair package of financial and transition support. Our Human Resources team along with department leaders will be personally involved in every notification conversation.
Some of the casualties are reportedly an SVP of Sales and a CFO. More info will be released to employees during a town meeting.
by The Editors on July 2, 2012
In an interesting outcome of the DVS bankruptcy sale, Westlife Distribution, the parent company of 686 has purchased Matix Clothing from the new DVS owners Sequential Brands Group for an undisclosed amount.
Skateboarding is where I came from and I couldn’t be more stoked. We’ve been longtime fans of Matix and have solid relationships with the Dunlap brothers as well as current and former Podium employees,” said Michael Akira West, President/CEO of Westlife Distribution.
Congrats to Westlife. Matix always has been a brand with great potential and it’s good to see it land in good hands. For the official word follow the jump. [click to continue…]
by The Editors on June 28, 2012
Former Volcom Berkeley store manager Damian Kordick cut right to the bone when asked by the Daily Californian why the store on Telegraph Avenue was closing on Wednesday, June 27, 2012.
Store manager Damian Kordick said the store closed due to a lack of sales. . . “Rent for all the businesses on Telegraph is extremely high,” Kordick said. . . Not long ago, Kordick’s finance team decided it would be best not to resign the store’s lease, both for Volcom and for Berkeley customers.
He also pointed out that clothing stores were “kind of saturated in the Berkeley area, what with Urban Outfitters, American Apparel, different department stores in the city.” Well, at least Volcom still has Pac Sun, right?
[Link: Daily Californian]
TPG, the monster sized private equity firm (not to be confused with TCP the company that bought nearly half of Nixon), has made another offer for Billabong according to a story in the Australian Financial Review. Only this time it’s much lower than it was in February according to the Business Spectator.
