Kathmandu to acquire Rip Curl
From its humble beginnings in a shed in Torquay back in 1969, Rip Curl has established itself as one of the premier surfing companies in the world. Having already established itself as a force in Australia, sponsoring some of the world’s best surfers over the past few decades has allowed Rip Curl to expand across the world.
Recently, Kathmandu has elected to acquire this iconic Aussie surf brand for $350 million.
Kathmandu CEO Xavier Simonet believes the acquisition of the prestigious brand will help propel Kathmandu forwards into new markets.
“The acquisition of Rip Curl transforms Kathmandu into a $NZ1.0 billion ($A930 million) outdoor and action sports company, anchored by two iconic global Australasian brands.”
“We are excited about the opportunity to partner with another iconic Australasian brand that shares our vision of creating high-quality functional products for outdoor and action enthusiasts,” he said.
The acquisition gives Kathmandu a strong entry into summer-based apparel and sporting goods, allowing it to diversify from its base in snow sports, while also allowing for accelerated growth in Rip Curl’s key international areas.
“Importantly, there is also strong cultural alignment between the two brands, underpinned by a shared focus on quality, innovation and sustainability,” Mr Simonet said.
However it pans out for Rip Curl from here, it’s certainly a far cry from a garage in Torquay.