US: Quiksilver eyes growth through licensing deals
Quiksilver is in the midst of a turnaround
Surf-led apparel business Quiksilver has signed four licensing agreements, including for its Roxy and legwear brands, in a bid to grow the businesses.
Quiksilver, which is in the midst of a turnaround, has entered into a deal with premier children's lifestyle apparel company Parigi Group for its Roxy young girls brand.
Through the agreement, Parigi will design, manufacture and market apparel, sizes newborn/infant to girl 16, beginning with the spring and summer 2015 season. The initial territories covered in the agreement include the US, Canada and Puerto Rico, and a number of Central and South American countries.
For its socks and legwear brands, Quiksilver has signed with global designer, producer and distributor Planet Sox. The company will design, manufacture and market socks in all size ranges for the Quiksilver, Roxy and DC brands in North America beginning with the holiday 2014 season, and international sales following in spring 2015.
Quiksilver has also entered into licensing agreements for its watches and 'other' product categories including luggage, beach towels and surfboards.
"Our product licensing team has done an excellent job of partnering with industry leaders that have the size, scale and expertise to help us grow these businesses," said Andy Mooney, chief executive officer of Quiksilver. "These agreements cover large geographic markets and, importantly, dovetail with our profit improvement plan by significantly reducing product styles for our design team and supply chain. We expect our license agreements to lower operating costs and inventory levels."
Early last year, Quiksilver unveiled a multi-year plan to try and return to profit by focusing on its three core brands - Quiksilver, Roxy and DC - globalising key functions and reducing costs.
The turnaround, however, hit trouble last month after soft revenues left the company with a bigger than expected second quarter loss.
Click here to read one of just-style's analysis pieces on Quiksilver's turnaround plan.
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