Retrenching Quiksilver offloads another asset - sportstextiles: Lea SportsTextiles

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Retrenching Quiksilver offloads another asset

12/11/2014
Quiksilver has sold Surfdome, an online retailer of action sports products, to Australian peer SurfStitch for $16 million.

The US surf brand is part way through an aggressive cost cutting plan, announced last May, through which it aims to improve earnings by $150 million by 2016.

As part of the transaction, Surfdome will continue to carry Quiksilver, Roxy and DC products under a two-year supply agreement.

“Our business with Surfstitch has been growing, and we view both Surfdome and Surfstitch as key retail partners,” said Andy Mooney, CEO of Quiksilver.

“The sale of Surfdome is in keeping with our strategy to focus on our core Quiksilver, Roxy and DC brands. Moreover, this will complete our planned exits from non-strategic businesses, which have included Mervin Manufacturing, Hawk Designs, VSTR, Summer Teeth and Moskova.”

Surfdome generated sales of $60 million for the year to the end of October 2014.

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