Kanoa Igarashi has long worn the mountain and wave logo. Photo: Bosko//Quiksilver
Sometimes, even non-professional surfers are affected by what’s going on with big corporate brands so you’d be forgiven if you’ve heard this story before. Quiksilver, Billabong, and parent company, Boardriders, could be sold again – very soon, it seems, as the surf industry merry-go-round continues.
Quiksilver, (and Billabong in Australia) has been a ubiquitous company name for decades among surf culture. If you flip to Quiksilver’s entry in the Encyclopedia of Surfing, it’s described as “Surfing’s biggest, richest, and most successful company; maker of surfwear, wetsuits, and all manner of surfing accessories.” Founded in 1970 by Alan Green as an offshoot of Rip Curl, Quik started off as a core brand, and its success was immediate. It even became the first publicly traded surf company!
However, flash forward to today, and Quiksilver – as well as Billabong – are both owned by Boardriders, Inc. They’re currently managed by Oaktree Capital, who merged Quiksilver and Billabong a few years ago with the hope of reviving both brands after they fell on hard times in the fashion market – one made especially difficult during an era when thrifting and boutique shopping became en vogue. Blame it on the kids.
The reasons behind Oaktree’s selling of Boardriders is unclear. In a 2018 interview with David Tanner, managing director of special situations for Oaktree, Tanner told The Inertia when asked to choose his favorite brand from the portfolio, “they’re all beautiful. I love them all equally.”
As it turns out, that might not be the case anymore, as Boardriders has been rumored to be on the Oaktree block for some time. And, according to recent industry news, Boardriders could soon to be acquired by Authentic Brands Group, or ABG.
ABG’s portfolio includes surf companies, such as Volcom, and many non-surf-related entities, like Reebok, and licensing deals for Marilyn Monroe, Elvis Presley, Sports Illustrated, Barneys New York, and Forever 21 (which I hadn’t heard of since I was a kid… I guess F21 lives!)
As of right now, ABG has not officially acquired Boardriders into its portfolio but sources told Bloomberg media a deal could come as early as next week. To add intrigue, there may be a bidding war at hand between ABG and licensee Bluestar Alliance (Hurley) for Boardriders because Bluestar’s exclusivity (acquisition) period expired, and the two are rivals. Since Bluestar had interest as well, a bidding war would of course benefit Oaktree Capital as the rumored sale negotiations have been ongoing for some six months.
Boardriders is reportedly seeing positive numbers since the pandemic, but its acquisition by any company will be incredibly complicated due to international laws (especially those in France) affecting potential downsizing. Again, we’re keeping an eye on this as a deal between ABG and Boardriders could come soon. But nothing is certain at this point. That’s the only certainty in this volatile industry.
