by The Editors on March 26, 2015
Some investors (Malone Family Superannuation Fund) who lost money when Billabong shares tanked in 2012 are now suing the company saying Billabong breached “its disclosure obligations,” according to a Reuters story.
The fund bought just under A$30,000 ($23,466) worth of Billabong shares at an average of A$4.35 per share in November 2011, the statement from the legal firm added. The shares later fell following a series of earnings downgrades. . . If Billabong had been more forthright, the fund “would either have bought Billabong securities at a price which had not been artificially inflated or they would have acquired securities in another listed entity instead”, the statement added.
Not surprisingly Billabong disagrees and says it will “vigorously defend” itself.
[Link: Reuters]
by The Editors on December 19, 2014
by The Editors on December 9, 2014
The 2014 Billabong Pipeline Masters In Memory Of Andy Irons kicks off today (December 9, 2014) with eight heats of the invitational trials. First in the water will be Keanu Asing, Kalani David, Danny Fuller, and Shane Dorian. And things are looking good:
“We’ve got amazing waves this morning and a really good forecast coming up,” Kieren Perrow, ASP Commissioner, said. “We’ll have some light winds this afternoon but right now it’s firing out there. It’s triple overhead and there’s some really crazy barrels so we are on. We’re running the Men’s Pipe Invitational today and everything is on the line.”
For the official word form the ASP (WSL soon) including full Round 1 heat match-ups, follow the jump. [click to continue…]
by The Editors on August 25, 2014
The wait has paid off for the ASP and the 2014 Billabong Pro Tahiti. On the final day of the competition we’ll see 12 to 15 foot waves rolling through for the Round 4 survivors. Here’s who is up:
Heat 1: Tiago Pires (PRT), Adrian Buchan (AUS), Michel Bourez (PYF)
Heat 2: Kolohe Andino (USA), Bede Durbidge (AUS), Gabriel Medina (BRA)
Heat 3: Brett Simpson (USA), John John Florence (HAW), Kai Otton (AUS)
Heat 4: Kelly Slater (USA), Owen Wright (AUS), Dion Atkinson (AUS)
For the official word from the ASP, follow the jump. [click to continue…]
by The Editors on August 21, 2014
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]
by The Editors on May 5, 2014
Proving that kids are never too young to get to work, Mark Occhilupo has just signed his son up for a two-year contract with Billabong, according to a story in the Herald Sun. Jay Occhilupo is just 11 years old.
One of the youngest surfers to ever receive a sponsorship deal from the iconic brand, Jay joins a star stable including Joel Parkinson, Taj Burrow, Andy Irons, and dad. . . “I’m feeling stoked, I was hoping for it but I wasn’t expecting it so soon,” Jay said. . . Mark Occhilupo was 14 when he was signed by Billabong more than 30 years ago. . .“So it’s fitting for Jay to be in the Billabong team,” Mark said.
If the kids are going to do the work, they certainly deserve to get paid. We hope the best for young Jay.
[Link: Herald Sun]
by The Editors on May 1, 2014
If you can live another year without sitting elbow to elbow with the gnarliest big wave surfers in the world, then tomorrow night (May 2, 2014) point your web browser to the Billabong XXL website for the complete live webcast of all the action.
Anticipation is swelling as the best big wave surfers on the planet gather in Southern California ahead of the Billabong XXL Global Big Wave Awards this Friday, May 2. The gala ceremony will sweep into the Grove Theater in Anaheim where the greatest rides of the last year will be celebrated and over $120,000 in prize money will be awarded to event champions. Nominees run the gamut from established superstars like Hawaiian Shane Dorian and Californian Greg Long to emerging performers like Andrew Cotton of England and Gautier Garanx of the Basque Country of France.
The show begins at 7:45 PM PDT. For the official word from the Billabong XXL follow the jump. [click to continue…]
by The Editors on March 10, 2014
We’ve kind of fallen off our coverage of Billabong because they (along with Quiksilver) no longer seem like a brand in our category. Sure they make clothing for the ocean, but past that they’re really just a more authentic version of Hollister, mostly focused on mall customers and bottom lines. That said, it is interesting that Billabong could be facing a class action lawsuit from the Australian firm of Slater & Gordon for allegedly misleading and deceiving investors with earning guidance in 2012, according to a story on Inside Council.
“Our clients allege that Billabong’s internal initiatives had no viable chance of substantially increasing profit margins, contrary to what the company had conditioned investors for. They further allege that, had the market been informed of the true dependencies underpinning the earnings forecast, it would have disregarded the guidance as unrealistic, and this would have been reflected in Billabong’s share price.”
Billabong will apparently defend itself. Which would probably be a good idea.
[Link: Inside Counsel]
by The Editors on February 6, 2014
Billabong has reportedly announced that they are considering selling their e-commerce businesses Swell.com and SurfStich, according to a story on MSN Money.
The embattled maker of board shorts and wet suits, which was saved last year by a refinancing deal from U.S. private equity firms Centerbridge Partners LP and Oaktree Capital Management, is looking at strategic options for its SurfStitch and Swell site. It has appointed investment bank Guggenheim Securities to help with the review.
Yeah, why own online retailers when mall stores are doing so very well?
[Link: MSN Money]
by The Editors on January 17, 2014
In a show of support for what the financial world still calls a “struggling brand” Joel Parkinson has re-signed with Billabong for what the company is called a “long-term” contract good for the “foreseeable future.”
“I’m over the moon to know I will continue to be partnered with Billabong for many years to come,” said Parkinson from his home on the Gold Coast. “I’ve felt like I’ve been a part of a great big surfing family since I was a scrawny 11-year-old from. When I got my first Billabong team sticker on my board it was one of the biggest moments of my life at the time, and I am happy and proud to still be flying that flag all these years later. It’s been a really good partnership for a long, long time, it’s helped me get to places I could never have dreamed, and I am seeing a lot of good things still to come in the future.”
There are those who would argue that Bilalbong has had trouble looking very far into the “foreseeable future,” but in this case it’s good to know they’re interested in keeping Parko as long as they can. For the official word from Billabong, follow the jump. [click to continue…]
Some investors (Malone Family Superannuation Fund) who lost money when Billabong shares tanked in 2012 are now suing the company saying Billabong breached “its disclosure obligations,” according to a Reuters story.
