Kathmandu to Acquire Rip Curl

Down under brand and retailer Kathmandu is jumping into the the global $11 billion surfwear market, agreeing to buy Australian surf brand Rip Curl from founders Brian Singer and Douglas Warbrick (pictured) for $350 million.

The acquisition, if approved by Kathmandu shareholders, will create a 930 million global outdoor and action sports company with operations in Australia, New Zealand, North America, Europe, south-east Asia and South America, and a combined footprint of 341 retail stores, 254 licensed stores and more than 7300 wholesale doors around the world.

“Kathmandu is on transformational journey from a leading Australasian retailer to a global brand-led omni-channel business – the acquisition ticks all those boxes,” said said Kathmandu chief executive Xavier Simonet, who joined the company in 2015 and has been expanding overseas ever since.

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Just 18 months ago, Kathmandu paid $75 million for US-based Oboz, which was credited with contributing to a 13.7 percent increase in net profit in the 12 months ending July.