GOLD COAST: Billabong has announced it has completed the acquisition of Surf Dive 'n' Ski and Jetty Surf retail stores from the General Pants Group.
It is understood the deal involves 36 retail stores across the two brands as well as two licensed Billabong stores. It will bring Billabong’s international door count to 558.
Billabong CEO Derek O’Neill said when the deal was first announced in October that it would strengthen Billabong’s retail business in Australasia.
“We entered acquisition discussions with the view to preserving the assets as core boardsport retail doors and ensuring a route to market for the Group’s strong portfolio of brands,” he said. “The acquisition presents the opportunity to extract significant synergies in areas including warehousing, distribution, back-office support and overall retail management consolidation."
The assets are expected to contribute approximately three per cent of Billabong Group’s revenue in 2010/11. Billabong did not reveal the purchase price of the deal.
Billabong International oversees both wholesale and retail operations for brands including Billabong, Element, Von Zipper and Tigerlily. The company trades in Australia and New Zealand as well as the Americas, UK, Europe and Asia.