SURFING – AUSTRALIA – EQUIPMENT AND SUPPLIES

Wipeout as SurfStitch into administration

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Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 25-Aug-17

Online skate and surfwear retailer Surfstitch has appointed FTI Consulting as administrators. Chairman Sam Weiss cited a number of reasons for the decision, including ongoing litigation with major shareholder Crown Financial. The first meeting of Surfstitch’s creditors is due to take place on 5 September. Surfstitch listed on the sharemarket in late 2014 with an issue price of $A1.00, and its shares peaked at $A2.12 in November 2015. However, the stock was trading at just $A0.068 when it was suspended in May 2017.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF, FTI CONSULTING PTY LTD, CROWN FINANCIAL PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SURFSTITCH AUSTRALIA, STAB, SURFDOME, SWELL, MAGICSEAWEED, 333 CAPITAL PTY LTD, GADENS LAWYERS, QUINN EMANUEL URQUHART AND SULLIVAN LP, AMAZON PRIME, SURF HARDWARE INTERNATIONAL PTY LTD, GARAGE ENTERTAINMENT, DISTRICT COURT OF QUEENSLAND

So long Billabong: kids like Nike (or how sportswear overtook surf-wear on children’s cool list)

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Apr-17

Roy Morgan’s Young Australians Survey has found that just 14% of Australian children aged 6-13 considered home-grown surf-wear brand Billabong to be "cool" in the year to December 2016, compared with 46% in the year to December 2007. The proportion of children who consider Rip Curl to be cool has fallen from 33% to 18%. Meanwhile, the proportion of children who consider sportwear brand Nike to be cool has risen from 27% to 39% over the last decade, and 26% now rate Adidas to be cool, up from 22% in 2007.

CORPORATES
ROY MORGAN RESEARCH LIMITED, BILLABONG INTERNATIONAL LIMITED – ASX BBG, RIP CURL PTY LTD, NIKE INCORPORATED, ADIDAS AUSTRALIA PTY LTD, QUIKSILVER INCORPORATED, ROXY CLOTHING, RUSTY, PUMA AG

SurfStitch out of trough: Sonand

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Original article by Eli Greenblat
The Australian – Page: 23 : 31-Aug-16

SurfStitch reported a loss of more than $A155 million and an underlying EBITDA loss of $A18.8 million for 2015-16. The results of the Australian-listed online retailer included $A99.3 million in impairments to goodwill and aged inventory. Investors abandoned the company, with shares falling $A0.125, or 54.3 per cent, to $A0.105 on 31 August 2016.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF

SurfStitch class action looms over briefings

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Original article by Sue Mitchell
The Australian Financial Review – Page: 28 : 14-Jun-16

The disclosure practices of online retailer SurfStitch are under scrutiny in the wake of a large share price fall that reduced its market capitalisation by $A500m. The stock fell by 53 per cent to $A0.48 in early May 2016, in response to a profit downgrade. There had also been heavy selling in the previous week, after the group held private briefings for some shareholders. Glenn McGowan, a partner at law firm Gadens, may launch a class-action on behalf of SurfStitch shareholders.

CORPORATES
SURFSTITCH GROUP LIMITED – ASX SRF, GADENS LAWYERS, MORGAN STANLEY AUSTRALIA LIMITED, STAB, MAGICSEAWEED, GARAGE ENTERTAINMENT, SURF HARDWARE INTERNATIONAL PTY LTD

Billabong still has long wave to ride

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Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 27-Feb-15

Australian-listed Billabong International has posted a 2014-15 interim net profit of $A25.7m, following a $A126.3m loss for the first half of 2013-14. The surfwear group’s EBIT from continuing operations was 4.9 per cent lower at $A42.81m. Billabong has flagged an increase in annual capital expenditure in the next few years, with an upgrade of its supply-chain systems and the implementation of an omni-channel retail platform

CORPORATES
BILLABONG INTERNATIONAL LIMITED – ASX BBG, SURF DIVE N SKI AUSTRALIA PTY LTD, SURFECTION PTY LTD, BEACH CULTURE INTERNATIONAL PTY LTD, WEST 49 INCORPORATED, RVCA

Foreigners dive in to Aussie beach brands

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Original article by Rebecca Thurlow
The Australian – Page: 17 : 12-Jan-15

The acquisition of Mambo by Saban Brands is the latest example of an overseas group being attracted to an Australian clothing business with links to the nation’s beach and surfing culture. Previous ones were the purchases of Seafolly by LVMH Moet Hennessy Louis Vuitton and of Billabong International by a consortium of US-based hedge funds headed by Centerbridge Partners. Saban’s manager of strategic business development, Dan Castle, says Mambo’s irreverent design philosophy will be largely retained

CORPORATES
MAMBO, SABAN CAPITAL GROUP INCORPORATED, BILLABONG INTERNATIONAL LIMITED – ASX BBG, SEAFOLLY PTY LTD, CENTERBRIDGE PARTNERS LP, LVMH MOET HENNESSY LOUIS VUITTON SA, QUIKSILVER INCORPORATED, BONDS INDUSTRIES LIMITED, PACIFIC BRANDS LIMITED – ASX PBG, SPEEDO AUSTRALIA PTY LTD, BRAND FINANCE (AUSTRALIA) PTY LTD, NEW YORK STOCK EXCHANGE

Billabong sees clear water in revival

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Original article by Blair Speedy
The Australian – Page: 18 : 29-Aug-14

Billabong International has announced a 2013-14 full-year net loss of $A233.7m, an improvement from $A859.5m in 2012-13. Excluding abnormal charges the EBITDA reached $A52.2m. The surf and skate clothing distributor and retailer in late 2013 struck a recapitalisation deal worth $A368m with US-based private equity firms Centerbridge Partners and Oaktree Capital. CEO Neil Fiske now says the Australian-listed company has lifted its US sales after years of declines, and growth in the Asian region has been 5% for the year

CORPORATES
BILLABONG INTERNATIONAL LIMITED – ASX BBG, OAKTREE CAPITAL MANAGEMENT LLC, CENTERBRIDGE PARTNERS LP, SURFSTITCH PTY LTD, ELEMENT, SWELL COMMERCE INCORPORATED