It rejected a $506 million takeover - and now it's having the last laugh.
Privately-owned surf brand Rip Curl has recorded a 25% jump in underlying full year net profit.
Rip Curl saw profit rise to $28.8 million, with sales increasing 4% to $445.6 million for fiscal 2015.
The result comes at a challenging time for the surfwear sector.
Competitor Quiksilver filed for bankruptcy in September, while Billabong recently posted its first annual profit in four years.
Rip Curl is optimistic about its outlook for 2016, with growth expected from emerging markets and its multi-brand business.
In 2012, the company rejected a deal from investors that would have landed it $506 million.