by The Editors on November 1, 2017
If Kering, the parent company of Gucci and Volcom, believes that Puma is a “noncore asset” and is looking to sell the German footwear company for $7 Billion (according to Challenges via Hypebeast) so it can focus more on “luxury,” what does this mean for VeeCo? Seeing as Kering’s Sport & Lifestyle division is made up of Puma, Volcom, and Cobra Golf who knows what’s ahead.
The big question: how long will it be before Kering sells Volcom back to Wooly at a hugely discounted price? Will it be soon? We hope so.
[Link: Hypebeast]
by The Editors on April 7, 2014
Carissa Moore marched right on through to the finals of the Drug Aware Margaret River Womens’ Pro, but don’t think for a minute that Australian Tyler Wright just handed over the title. Nope she hit it hard early. And from then on it was back and forth until currently ASP world champion Moore finally finished Wright off with an 8.23 to.
“Tyler Wright looked awesome today and she’s a tough competitor,” said Carissa Moore. “I think any time any of us are in a Final we really want to win it and take it home. I was really excited and told myself ‘come on, it’s time’. It’s a very challenging wave here at Margaret River and I’m constantly learning so I’m thankful to be able to win here again. I love this place and I love Western Australia. It feels good to be up there at the top of the rankings with Stephanie (Gilmore) and I can’t wait to see how the rest of the events unfold.”
For the official word from the ASP, follow the jump.
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by The Editors on July 25, 2011
Thanks to all manner of political intrigue (coups, changing laws, etc. . . ) one of the best waves in the world hasn’t hosted the world’s best surfers for the past three years. Now, thanks to the Volcom Fiji Pro Cloudbreak (and/or Restaurants) will be back on the ASP World Tour starting in 2012 and running through at least 2014.
“We are all very excited about the opportunity to host our first ever ASP World Title event in Fiji,” Richard Woolcott, Volcom CEO, said. “Having the competition at Cloudbreak, or even Restaurants, is a perfect fit with Volcom’s long history with Tavarua. This is a major step in our surfing program and it’s great to be able to support the tour and its athletes with an event in world class surf.”
No major label CEO has spent more time shacked and charging Tavarua’s waves than Wooly so this partnership is the perfect fit. Plus, it will be great to see these waves back on tour where they belong. For the official word, follow the jump. [click to continue…]
by The Editors on July 5, 2011
On Friday, July 1, 2011 Volcom CEO Richard Woolcott announced that long-time Volcom CFO Doug Collier would be leaving the company. In an email sent to employees Woolcott said:
I want to let you know that after 18 great years with the company, Doug Collier has decided to retire from Volcom. Doug has been a friend and close ally since the early days, through years of crazy growth and through our life as a public company. I’m very stoked for him and fully support his decision to spend more time surfing and snowboarding with his wife and boys. . . While I will miss our daily interactions, he will always be part of the Volcom family. I wish him the very best, and have asked him to please save some powder for the rest of us!
Before anyone jumped in to say that PPR was moving its people into the VeeCo building, Wooly was quick to mention that Collier would be replaced by six-year Volcom finance team member Dave Unter. Wooly said:
Dave is a seasoned executive with strong experience, and we are excited he will be our financial steward as we enter this new phase for the company. Dave joined Volcom back in 2005 after a short time at Hot Topic and almost a decade at Deloitte and Touche LLP providing advisory, audit and assurance services for companies in the action sports and retail industries.
Congrats, to Doug and Dave. Seems like the perfect time for some to walk away and others to step up.
by The Editors on May 2, 2011
French fashion giant PPR, the parent company of brands like Gucci, Bottega Veneta, Yves Saint Laurent, and Puma, has announced its intention to purchase 100 percent of the shares of Volcom for $24.50 a share “for a total equity value of $607.5 million and an enterprise value of $516.1 million.”
Not surprising the Volcom Board of Directors “has unanimously recommended” that shareholders take the money and run. This explains so much. . .
“PPR is the perfect partner to help take the Volcom and Electric brands to the next level of success,” says Volcom Chairman and CEO Richard Woolcott. “For more than 20 years we have worked to inspire a movement that provokes freedom of thought and expression, and celebrated this spirit through our athletes, worldwide events, rock tours, feature films and, of course, our apparel. PPR, with its expertise gained through both Puma and its Luxury Group, could bring international market knowledge, sourcing capabilities and other operational expertise in areas such as product development and retailing to help the company grow Volcom globally, while preserving the elements that make the brands authentic.”
That means Wooly’s shares alone are worth approximately $61.5 million. How’s that for an exit strategy? Follow the jump for the official details on how Volcom will become a French fashion brand.
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by The Editors on January 5, 2011
Smart Water is creating a new “models only” Model Lounge Miami South Beach’s Raleigh Hotel in South Beach and they’re reportedly bringing Volcom with them, according to a story on Miami New Times.
. . . only female models from Miami Beach’s top ten agencies will be granted entrance. . . The models will also get a new bikini every month from Volcom and poolside yoga classes. . . No male models are invited however.
Guess that means we won’t be getting any photos. Wonder if Wooly can get us in?
[Link: Miami New Times]
by The Editors on November 11, 2010
Danny Thomas and the Arbor crew on the first chair.
Snowboarders began gathering at 10 PM last night (November 10, 2010) at the bottom of Mammoth Mountain’s Chair 1 to make sure they were first in line for the 2010-11 winter. Danny Thomas, Patrick Reddy, Chris Peroddi, John Farr, Marley McPhillips, and friends brought a tent and BBQ’d hotdogs all night.
“It’s not easy sleeping in a tent when you keep getting woken up by the cat driving around,” said one of the snow campers. “They came in and kicked us out around 5 AM, but we by that time we had our spot.”
The sun came up over a cloud-covered mountain, but by 7:30 it was full blue-bird and the line was filling. By the time the line began moving at 8:30 AM there were a couple hundred people ready to ride (mostly snowboarders, oddly).
There is something to be said for cold, crisp air, blue skies, and a snowboard back in the snow and sliding. It’s borderline double rainbow action.
Follow the jump for more photos.
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by The Editors on October 28, 2010
In among the other news reported today during Volcom’s third quarter results report was the announcement that the Board of Directors has approved a special $1 a share dividend for shareholders (and those holding unvested shares of restricted common stock).
The payout will be made on November 19, 2010 to stockholders of record on November 8, 2010. “The aggregate amount of payments to be made in connection with the special dividend will be approximately $24.4 million.”
This is the kind of stuff companies do just to jack with us. Sure, all the big shareholders (Wooly has 2.7 million or so) and the employees who have unvested shares will get a nice little payout. But here’s what we’re thinking: if we get a dollar a share for all the Volcom stock we own (which is, of course, zero). We could buy some shares on November 3 (the ex-dividend date is November 4), hold it until November 8 to qualify for the dividend, and then sell it back on Tuesday. If the share price goes up during the time, even better. The downside, as always, is if the share price goes down during that week then the dividend won’t even pay for itself. Oh, the way they toy with us.
Those interested in all the financial nitty gritty (things were up a bit over last year) from the rest of VeeCo’s announcement today can follow the jump.
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by The Editors on April 29, 2010
Hey, look: Volcom made boat loads of money in Q1. In fact, total consolidated revenues were $77.4 million with $42 million of that passing through as gross profit. Hot damn. It appears there’s a future in marking up China products. Q1 was so good that even CEO Wooly was surprised.
“Our results for the quarter were stronger than we had anticipated, representing a solid start to the year and continued strength for both the Volcom and Electric brands,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “Combined with great product, focused marketing and solid distribution, we believe we are well positioned to capitalize on the many opportunities before us and pave the way for continued growth and success.”
Here is our favorite stat: “At March 31, 2010 the company had cash, cash equivalents and short-term investments totaling $109 million, and no long-term debt.” Read it again: no long-term debt.
To follow the jump, click it like you care.
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by The Editors on July 30, 2009
Volcom reportedly their Q2 2009 financial results today and things weren’t that great, according to the press release on Fox Business.
For the 2009 second quarter, total consolidated revenues were $54.2 million compared with $72.5 million in the second quarter of 2008. . . Total revenues in the company’s U.S. segment, which includes revenues from the U.S., Canada, Japan and most other international territories outside of Europe, as well as the company’s branded retail stores, were $43.6 million compared with $60.2 million in the prior-year period.
Wooly did what he could with the spin.
“Despite the continued macro economic challenges in the second quarter, our focus and drive to maintain the strength of the Volcom brand is resolute and propelled by our high quality and innovative products,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “Our global presence is stronger than ever, and that, coupled with the sound management of our balance sheet, uniquely provides us with the solid foundation to position our company as a leader in the action sports industry.”
Still, the company has no “significant debt” and around $96.2 million in cash, cash equivalents and short-term investments. And the really great news: analysts were expecting a $.02 per share loss and the company came in at a $0.04 cents per share profits, according to Reuters. So they have that going for them.
[Link: Fox Business and Reuters]
