AUSTRALIA: Billabong considers sale of e-commerce units
Billabong is considering selling its e-commerce businesses SurfStitc and Swell
Billabong has said it will consider selling its e-commerce businesses as the struggling Australian surfwear brand continues with its ongoing turnaround efforts.
The company, which has been mired in uncertainty and under-performance for over a year, will undertake a strategic review of its multi-brand e-commerce operations SurfStitch in Australia and Europe, and Swell in North America.
A range of options will be evaluated to help the company maximise the value of these businesses, including a possible sale.
"As previously announced at our December AGM, our strategic priority is to focus on our direct to consumer mono-brand model across our retail and online operations. This review will assist us in evaluating options for the multi-brand SurfStitch and Swell e-commerce businesses," said CEO Neil Fiske.
"Given the consistent growth and performance of these assets, we believe that there is an opportunity to progress our mono-brand e-commerce strategy and at the same time unlock value for Billabong shareholders."
In addition, the company has extended its agreement with RVCA, its fastest growing global brand, to 2018.
Billabong has also completed the sale of its West 49 chain in Canada to YM Inc for CAD3m (US$2.7m), which was lower than its initial expectations of CAD9-11m. This was due to seasonal end-of-year trading and other factors contributing to lower working capital on closing.
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