Billabong begins sell-off of smaller brands
27/02/2017
The company said the transaction is in line with its strategy to simplify its brand portfolio. Billabong announced in November 2016 that Tigerlily was among the brands it planned to divest. Others slated for sale include VonZipper and Xcel.
The transaction will raise A$60 million ($46 million), with net proceeds being used to pay off some of Billabong’s debt. It acquired Tigerlily in December 2007 for A$5.8 million ($4.5 million). The deal is expected to be completed by the end of the current financial year.
For the 12 months to December 31, 2016, Tigerlily’s revenue was approximately $30 million.
Image courtesy of Tigerlily.
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