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Kering company sells Electric to acting CEO Eric Crane

 

Industry Updates

Kering also owns Stella McCartney, Puma, Volcom and Cobra

Surfersvillage Global Surf News, 18 March, 2016 - Kering has sold sunglass and accessory brand Electric through a buyout led by current CEO Eric Crane. The deal is effective immediately and includes all assets and rights to the brand.

Electric was part of the Kering group, who own both Volcom and Kelly Slater's company Outerknown

Volcom purchased Electric in 2008 as a sunglasses company which has since grown to include watches, goggles, backpacks and many other premium action sports items. The purchase price then was $23 million. Volcom was later acquired by Kering, in 2011.

No word has been given on details of the transaction or price of the purchase.

Kering is present in more than 120 countries, and the group generated revenues of more than €11.5 billion in 2015 and had more than 38,000 employees at year's end. 

 

Tags: 
Kering, Electric, Volcom, Eric Crane, Kelly Slater, Outerknown, Kelly Slater Outerknown
Author: 
The Editors
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