SYDNEY: Volcom hopes to grow its local market share in the wake of an acquisition deal between the brand's head company and its Australian licensee.
The California-based parent company of the youth-focussed brand revealed it has signed an agreement to acquire Volcom's Australian licensee.
Volcom co-founder, CEO and chairman, Richard Woolcott, said Australia was among the “most influential” regions for the brand.
“This acquisition supports our continued commitment to build a solid following for the Volcom brand in Australia and maximising our many strengths and prospects in this important region,” Woolcott said.
Volcom Australia CEO John Clapham said the company was excited to be formally welcomed into the Volcom global portfolio.
“We believe this will strengthen the company's main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealand,” Clapham said.
The purchase price of the acquisition was not disclosed.
Volcom first entered the Australian market in 1993 and its product includes young men's and women's apparel and accessories. The brand is stocked by local streetwear retailers such as Globalize and e-tailer Surf Dive Skate.
Volcom is a publicly listed company on the NASDAQ national market and has additional licensees across Brazil, Indonesia, South Africa and Argentina.