In a apparent race to free itself of anything that holds any real value, slogging surf clothing giant Billabong has reportedly sold its 51 percent stake in SurfStitch, and sold Swell.com to a “consortium of investors” including SurfStitch founders Justin Cameron and Lex Pederson for US$35 million, according to a story on Just-style.com.
“The transactions aligns with the seven point turnaround strategy announced at our AGM last December,” said Billabong CEO Neil Fiske. “In recent months we have begun the process of taking over the branded websites previously outsourced to SurfStitch. With these agreements we can accelerate our investment in the online presence and digital marketing of brands such as Billabong, RVCA, and Element, which will engage our ore consumers and in turn benefit the wider business.”
If we’re hearing this right Fiske believes he’s strengthening Billabong’s online presence by selling off their online properties. Interesting strategy, indeed.
[Link: Just-Style]
