It’s been a while since there’s been an acquisition story, but with all the major players in the surf-lifestyle apparel wholesale business battling with the decision of whether or not to sell their products direct to consumers on the Internet, Billabong announced a creative solution to the dilemma on November 23 by acquiring Swell.com for an undisclosed sum.
Stay tuned to twsbiz.com for updates on this story.
Here’s the press release:
Billabong International Limited today announced it has entered into a conditional agreement to acquire the United States-based online boardsports retailer Swell.com (Swell).
Swell, founded in 1999, is a leading online retailer in the US boardsport sector and sells many of the industry’s leading brands.
Financial details of the purchase remain confidential, but the transaction is not material to the Billabong Group.
Paul Naude, President of Billabong USA, said the acquisition would allow Billabong to manage its brands in the growing online market.
“We look forward to growing the Swell business and further developing it as a showcase online platform for the US boardsports industry,” he said. “The internet plays a significant role in the recreational habits of the youth market so it is important for our Group to ensure we provide them with a premium brand experience when shopping online.”