NATIONAL: Billabong is back on the acquisition trail, announcing its purchase of online boardsports retailer Swell.com.
It is the first acquisition in over a year for the surfwear company, which was hit particularly hard by the recent economic downturn in the United States. Billabong's profit for the year ending June 30, 2009 was down $23.6 million on the previous corresponding period.
The United States-based Swell.com was founded in 1999 and sells many of the surfwear industry's leading brands, including Hurley, Rusty, Quiksilver, O'Neill and Insight. Billabong company secretary Maria Manning said in a statement that Swell is expected to contribute less than one per cent of group revenue in its first full year under the Billabong portfolio.
The purchase price was not disclosed.
Other brands that Billabong has acquired since 2007 include DaKine, Sector 9 and Tigerlily.