Quicksilver owner Boardriders has bought surfwear rival Billabong in a bid to dominate the action sports market.
California-based Boardriders, which also owns and operates swimwear brand Roxy and DC Shoes, has bought all the shares of Billabong in a transaction that is expected to be finalised in the first half of this year.
Formerly known as Quiksilver, the business rebranded as Boardriders earlier this year after exiting chapter 11 bankruptcy protection and embarking on turnaround plans that included streamlining distribution and reducing excess inventory.
Dave Tanner, managing director of Boardriders parent company Oaktree and chief turnaround office for Boardriders, said: “Creating one global platform will enable the combined company to enhance its investments in product innovation and quality, digital marketing and ecommerce. It will benefit customers and strengthen the company.”
Boardriders chairman Matt Wilson said he hoped Billabong CEO Neil Fiske would remain part of the business: “We have high regard for Neil and what he has accomplished over the years. I personally have valued his keen strategic thinking and leadership. I very much hope that he will join us for the next leg of this journey.”