Australian surfwear etailer Surfstitch has made a major power play - acquiring its business back from Billabong and then some.
Surfstitch has bought back Billabong's 51 per cent shareholdings in Surfstitch Australia and Europe.
It has also acquired 100 per cent of Billabong's online retail site Swell.com.
Billabong will continue to supply products to both e-commerce platforms.
The embattled surfwear chain has been offloading its portfolio in the wake of consecutive losses.
In February, Billabong reported a $126 million first half loss.
In addition to Swell.com and Surfstitch, Billabong has also sold of DaKine and West 49.
Billabong offloaded its online businesses for $35 million to a consortium which included Surfstitch founders Justin Cameron and Lex Pederson.
Surfstitch used the consolidation to welcome a number of new local and offshore institutional investors to the company.