Surfwear group Billabong International Limited is to buy US-based online boardsports retailer for an undisclosed sum.

Swell, founded in 1999, already sells many of the industry's leading labels, and Billabong hopes the acquisition will allow it to manage its brands in the growing online market.

Billabong said in a statement today (24 November) that Swell is likely to contribute less than 1% of group revenue in its first full year in the group.

In August, the surfwear group reported a 9.2% drop in full-year profit after being hit by a steep slowdown in consumer spending.