Guess it’s hard to keep a secret in action sports: Billabong announced today that they “have reached conditional agreement to acquire RVCA.”
Like many others who have sold their businesses to Billabong, RVCA founder Pat Tenore seems pretty happy about the deal.
One of the key things about Billabong is its respect for the creative independence of each of its brands and that level of flexibility will allow RVCA to maintain its identity while benefiting from the support of the wider Billabong group.”
The unofficial Billabong rumors list is getting shorter by the day. The only one we’re waiting on now is the Sun Diego acquisition. Maybe they’re saving that for next Monday.
Then again, the Sydney Morning Herald is suggesting that Billabong focus on some acquisitions at home and pick up the now profitable Globe brand from the Hill brothers. Really? That sounds like a bit of wishful thinking on someone’s part.
Follow the jump for the official RVCA details.
RVCA to join with Billabong
JULY 11, 2010: Billabong today confirmed it had reached conditional agreement to acquire the California-based RVCA brand.
Billabong North America President Paul Naude said the acquisition signalled an exciting time in the evolution of RVCA and would afford the brand more creative freedom.
“RVCA has done an incredible job to date in terms of building its brand, differentiating its product and supporting various subcultures through its Artist Network Program, its athletes and its advocates,” said Mr Naude.
“We want to see it build on these strengths and we’ll offer the necessary support to allow it to achieve its potential.”
He said RVCA would benefit from the global infrastructure of the Billabong group.
“There comes a time in the development of a young brand when the administrative side of doing business can start to consume resources that are better applied to the creative development of the brand,” said Mr Naude.
“I think this is one of the strengths of the Billabong group. We have capabilities in areas including sourcing and the management of the supply chain, distribution and general financing and these types of support structures allow our brands to focus on product and marketing.”
Brand founder Pat Tenore said he was looking forward to working with Billabong.
“The original concept of RVCA was, and still is, to be a lifestyle brand that integrated different subcultures within one platform … a platform for likeminded people to produce great art and other creative endeavours, while getting recognition for their contribution and involvement,” said Mr Tenore.
“RVCA will be able to take this concept even further and provide a more extensive support base for the artists, athletes and advocates we work with.
“One of the key things about Billabong is its respect for the creative independence of each of its brands and that level of flexibility will allow RVCA to maintain its identity while benefiting from the support of the wider Billabong group.”
