VANS ON TRACK TO BECOME VFC'S SECOND LARGEST BRAND. 28.04.13
ASB Magazine: VF Corporation reported its financial results for its first quarter ended March 30, 2013. In particular, management discussed the performance of Van, which continues to be the darling of its Outdoor Coalition. Steven E. Rendle - Group President of Outdoor & Action Sports Americas and Vice President, said that Global revenue for Vans in the first quarter was up 25% with strong double-digit growth in all three regions, including both the wholesale and direct to consumer businesses. Vans revenues were up 30% with similar wholesale growth and direct to consumer growth north of 40%. In the first quarter, Vans Europe revenue was up more than 30%. Vans Asian business grew more than 20%.
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BILLABONG EXTENDS PERIOD OF EXCLUSIVITY 24.04.13
ASB Magazine: Billabong International Limited today announced that it had entered into a ten business day period of exclusivity with a consortium comprising Sycamore Partners and Paul Naude (the “Sycamore Consortium”) in relation to a non-binding proposal to acquire 100% of Billabong’s shares for A$0.60 cash per share, or at the election of Billabong shareholders, scrip in a Sycamore affiliate to be incorporated for the purposes of making the bid. This period of exclusivity concluded on Tuesday 23 April 2013.
Sycamore has requested an extension to the exclusivity period of a further 10 business days.
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QUIKSILVER NAMES FORMER DISNEY EXEC TO HEAD AMERICAS RETAIL 18.04.13
ASB Magazine: Quiksilver Inc (USA) has hired a former Disney Store executive to head up retail for its Americas business. Steve Finney will take on the senior vice president and general manager of consumer direct title for Quiksilver's Americas division. Finney replaces Paul McAdam, who resigned, according to reports at Orange County. Finney joined Quiksilver from retail consultancy Radical Expansion, where he was managing director. He has also held a number of executive positions with The Walt Disney Co.’s Disney Store retail chain.
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GOOGLE, CBA RELEASE CONFLICTING RESEARCH 16.04.13
ASB Magazine: An interesting story was posted today in The Age ‘My Small Business’ column. While its not specifically surf industry targeted we’ve covered results from the CBA study in the past. Last issue ASB’s Mark Eyemes wrote about surf shops embrassing new technology in his feature ‘Goodbye Fax Machine’. However, the results of two new research studies about small businesses’ use of technology are almost diametrically opposed. One study conducted by Google released this morning shows more than a third of those surveyed don’t use the internet. The other survey by the Commonwealth Bank of Australia says small businesses are tech-savvy.
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LAYNE BEACHLEY WINS ISA MASTERS TITLE 15.04.13
ASB Magazine: Layne Beachley has won the Women’s Masters title at the ISA World Masters Surfing Championship in Ecuador while TravelSIM Team Australian finished fifth in the overall teams’ result. Held at Montanita from 6th-14th April, the championships attract 150 surfers 35-years and older from more than 20 nations competing in the Masters (Over 35), Grand Masters (Over 40), Kahuna (Over 45) and Grand Kahuna (Over 50) divisions. Beachley reclaimed the Over 35 title she won in 2011 after missing last year’s event.
In a tight final, Beachley (13.76) just edged South Africa’s Heather Clark (13.67) in second with Andrea Lopez (BRA, 12.96) and Rochelle Ballard (HAW, 11.60) in third and fourth.
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SYCAMORE CONSORTIUM BEGINS EXCLUSIVE TAKEOVER TALKS WITH BILLABONG 09.04.13
ASB Magazine: Billabong said it has begun exclusive talks with a consortium led by it’s former Billabong USA President Paul Naude and private equity firm Sycamore Partners. After requesting a “voluntary suspension” on the ASX last week pending todays announcement, Billabong has granted Naude and Sycamore an exclusivity period of 10 business days and in doing so has put aside discussions with the alternative suitors VF together with Altamont Capital Partners. The Naude let consortium has offered Billabong 60 cents cash for each of its shares. Central to the takeover bid, Billabong founder Gordon merchant has the option to stay on board as an investor. Reports say that Merchant and fellow director Colette Paull are backing the cash offer, which values Billabong at about 287 million Australian dollars (US$299 million) excluding debt.
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