$400 million Rip Curl sale gets shelved
Rip Curl sees troubled Billabong sales attempt as good reason to wait
Surfersvillage Global Surf News, 6 March, 2013 : - - The owners of established surf brand Rip Curl have walked away from plans to sell the company for $400 million, citing the volatile state of the investment and board-sports markets, according to The Australian.
While predicting that he and fellow Rip Curl founder Doug Warbrick would exit the company “at some point in the next few years”, Brian Singer said “the public market looks like a bit of a cesspit at the moment”, The Australian reported. “I doubt (the sale) is going to happen,” he told the newspaper.
Rip Curl has been hit hard by the strength of the Australian dollar due to the company's reliance on export markets. Fellow surf retailer Billabong has similarly been hit hard.
The disastrous expansion by Billabong into retail and that company's steep losses and troubled efforts to sell the company are seen as key reasons why Rip Curl is stepping back from its own sale plans.
Check out the full article at The Australian
Source: The Australian
Author: The Editors
Tags: Rip Curl, Brian Singer, Doug Warbrick