Thanks to a strong dollar (hard to believe we know) Rip Curl is getting yanked into the same undertow that’s been chewing on Billabong for the past 10 months, according to a story in the Herald Sun.
The prominent Victorian company is being buffetted by the strong dollar and weak consumer sentiment and will start to cut jobs and close stores overseas. . . BusinessDaily can reveal Rip Curl, which is privately owned, suffered a net loss of $4.1 million for the year to June. A year ago, it recorded a $7.9 million profit, and three years ago its profit clocked in above $30 million. . . Finance director Lachlan Farran said the group had shouldered one-off costs for a European restructure and to meet accounting rules linked to its purchase of the Ozmosis and Waves brands.
Guess this wave of bad news is continuing to roll.
[Link: Herald Sun]
ripcurl have been slacking in europe for a while, the only real place i’ve ever seen it properly promoted is southern france so i don’t think they can blame the strong currency any more than there poor marketing and distribution across europe.
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