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.
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.
