NATIONAL: Australian surfwear brand Billabong has inked an agreement to acquire the retail operations of one of its key partners in the United States. American east coast retailer Quiet Flight operates 13 sites across the region, including the flagship Billabong and Element stores in Times Square, New York.
It also boasts multi-branded retail boutiques across Florida, including Quiet Flight sites in Universal Studios, New Symrna, Tamp and Coco Beach and Surf Warehouse stores in Orlando.
Billabong chief executive office Derek O'Neill said it had been engaged in business with Quiet Flight for several decades and would retain its senior retail management team as part of the transaction.
"Through that partnership, we have strengthened our business relationship and gained a shared understanding of the value of working together."
Quiet Flight is expected to contribute approximately 3 per cent of Billabong sales for the 2008-09 financial year.