Quiksilver wants to acquire Billabong | RetailDetail

Quiksilver wants to acquire Billabong

Quiksilver wants to acquire Billabong
Shutterstock

Surfing brand Quiksilver tabled a 150 million dollar (125 million euro) bid for its competitor, Billabong. It may be the latter’s only way out, with compounding losses in the past few years.

Oaktree Capital

It suffered a 58 million dollar (49 million euro) loss only last year, but that was already three times as much as in the year before. Over the past five years, Billabong managed to make a profit only once. When the news was revealed, its share shot up 23 % on the Australian stock exchange.

 

If the deal goes through, investment company Oaktree Capital will be able to consolidate two surf brands, which it already owns for the largest part. It is a majority shareholder in Quiksilver and also owns 19 % of Billabong’s shares.

 

Quiksilver, founded in 1969, went bankrupt in 2015. Thanks to Oaktree Capital’s intervention, it was restructured and then delisted.

 

TPG Capital Management also bid for Billabong in 2012 and offered four times more than what is being offered right now. Nevertheless, the surfing brand refused the bid back then, despite the difficulties it already faced at that time.

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Smyths Toys acquires Toys ‘R’ Us in Central Europe

23/04/2018

Irish Smyths Toys has announced a deal with bankrupt toys giant Toys ‘R’ Us to take over all of its 93 stores in Germany, Austria and Switzerland. Financial details about the deal were not disclosed.

Grupo Cortefiel will continue as Tendam

23/04/2018

Spanish fashion group Grupo Cortefiel is changing its name to Tendam, with the intention of creating a new corporate identity for its five brands: Cortefiel, Women’s Secret, Pedro del Hierro, Fifty Factory and Springfield.

Monki lets 'influencers' earn money

16/04/2018

H&M subsidiary Monki will collaborate with ‘influencers’: the fashion label will launch a global program for social media figures, who can earn money if they sell clothing.

Hans Anders surpasses 200 million euro turnover mark

12/04/2018

Dutch optician chain Hans Anders’ turnover grew 6 % last year, to 203.7 million euro, but it also announced it would divest from the French market.

Chinese investment group now owns fashion chain Naf Naf

12/04/2018

French fashion chain Naf Naf, part of the Vivarte group, has a new owner. A chinese group, led by fashion group La Chapelle, paid 52 million euro to acquire it.

Will Hema struggle to get sold?

11/04/2018

Dutch department store chain Hema, on sale since September, is not attracting much attention, because interested parties feel it is overpriced. Previous attempts to sell the company have also failed.