US: Nike in rumoured Billabong bid
However, when contacted by just-style today, a spokesperson for Nike said: "We do not comment on rumours or speculation about our future plans."
In an effort to drive Billabong's turnaround strategy, the company appointed Launa Inman as its new MD and CEO in May, replacing Derek O'Neil.
However, shares in the troubled surfwear retailer fell 47% to close at AUD0.96 yesterday (25 June) after the market reacted to Billabong's plan to raise AU$225m (US$228m) by selling new shares at a discounted price to payoff debt.
Billabong rejected a third offer from private equity firm TPG Capital in February, which valued the retailer at AUD841.8m, or $3.30 after major shareholder and founder Gordon Merchant said he would not support a bid that valued the company at less than AUD4.00 a share.
Other private equity firms, including Blackstone and KKR were also rumoured to be considering a bid earlier this year.
Nike is currently in the process of divesting its Cole Haan and Umbro brands as it works to focus its energies on its core brands. At the end of May the company said the move would allow it to "focus our resources on the highest-potential opportunities for Nike, Inc. to continue to drive sustainable, profitable growth for our shareholders."
From toxic T-shirts to virtual fitting rooms, defamatory garments and compostable shoes, the clothing and textiles industry in 2012 was anything but dull....
Weak consumer spending, difficulties in securing credit, competition from China and the Far East resulted in factory closures and subsequent layoffs in 2012. But ramping up labour and sustainability s...
Instead of our regular look at the most read stories on just-style during the week, we thought a fitting end to the year would be to take a look at the top stories on just-style in 2012. From Nike's F...
Sporting goods giant Nike Inc has booked a 9% jump in profit from continuing operations during it second quarter, helped by growth in all key categories, product types and geographies except China....
Australian surfwear brand Billabong today (19 December) confirmed details of a AUD524m buyout bid - but shares fell 13.3% after the company issued another profit warning....
Yue Yuen, the world's largest manufacturer of branded athletic and casual footwear, has seen its full-year profit jump 12.5% helped by higher sales and more stable material prices....
Sportswear giant Nike Inc is reshuffling some of its senior executives, putting Roger Wyett in charge of its action sports business....
- Li & Fung looks to new frontiers for growth
- SOURCING: Worldwide change in cost competitiveness
- More licensing and less M&A for Global Brands
- Better Work programme poised to expand
- Fitness fashion propels Athleta towards $1bn sales
- Cambodia mass faintings rise to 896 in first-half
- Ralph Lauren unveils high-performance Polo shirt
- Cambodia garment makers condemn strike protests
- Russia threatens ban on western apparel imports
- China minimum wage rises will be tough to handle
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Turkey
- Global Database of the Top 1000 Apparel Knitting Mills - Company Names, Financial Performance, Key Executives, and Contact Details
- China - ISA Country Report