Quiksilver

Boardriders, Inc.
Private
Traded as (none)
Formerly OTC Pink: ZQKSQ and NYSE: ZQK
Founded Torquay, Australia
(1969 (1969))
Founder Alan Green and John Law
Headquarters Huntington Beach, California, United States
Key people
 Pierre Agnes (CEO)[1]
Products Apparel, sporting goods
Revenue Increase US$1.81 billion (2013) [2]
Increase US$82.3 million (2013) [2]
Number of employees
 1,069
Divisions Roxy
Subsidiaries DC Shoes
Website www.quiksilver.com
www.boardriders.com

Quiksilver (Boardriders, Inc.) is a global retail sporting brand, founded in Torquay, Australia, but now based in Huntington Beach, California. It is one of the world's largest brands of surfwear and other boardsport-related equipment.[3] The company Quiksilver Inc. was renamed Boardriders Inc. in March 2017, making it the owner of Quiksilver, Roxy, and DC Shoes. In 2018 Boardriders acquired Billabong International Limited, gaining the Billabong, Element, Von Zipper, RVCA and XCEL brands.

The brands’s logo, designed by founder Alan Green and John Law in 1973,[4] was inspired by Japanese painter Hokusai's woodcut The Great Wave off Kanagawa.[5] It depicts a large wave with a mountain on a red background.

The brand also produces a line of apparel for young women, under the brand Roxy. The Roxy logo consists of two copies of the Quiksilver logo, one reflected, forming a heart. Another line of apparel for women is under the brand Quiksilver Women.

As of 2013, the Quiksilver Inc. lost financially for six years and initiated a turnaround plan to resolve this. However, in September 2015 the company filed for bankruptcy. After emerging from bankruptcy in early 2016, the company once again became privately held with Oaktree Capital Management as the majority shareholder.

Corporate history

Quiksilver purchased Skis Rossignol for $560 million in 2005, but sold Rossignol on 12 November 2008 for $37.5 million (30 million euros) in cash and a $12.5 million note (10 million euro).[6] It owned golf-equipment maker Cleveland Golf up until 31 October 2007, when it sold the company to a Japanese sporting goods company.[7]

In 2009 Moody's included Quiksilver on its Bottom Rung list of companies most likely to default on its debt.[8]

As of 2013, Quiksilver operated 834[9] stand-alone stores in major cities across Australia, New Zealand and the Pacific, Europe, North and South America, Asia and Africa. At that time, there were two types of Quiksilver-operated stores, known as either "Boardriders Club" or "Factory" stores. Their products were also sold in many other outlets across the world such as PacSun, the Fells Point Surf Company or the Ron Jon Surf Shop. With PacSun's decline in retail prominence, Quiksilver and other brands have suffered diminished sales.

In addition, the company operated a number of separate Roxy and Quiksilver Youth stores.

As of 2013, the company lost financially for six years and initiated a turnaround plan in an attempt to resolve this.[10] In September 2015 the company filed for Chapter 11 bankruptcy.[11][12]

Co-founder and CEO of Quiksilver Bob McKnight stepped down as CEO on 11 January 2013. He then acted as Executive Chairman, until retiring in October 2014.[13] Andy Mooney, who was formerly chairman of Disney Consumer Products, served as CEO from 2013 to 2015.[14]

Mooney stepped down as the CEO of Quiksilver and was replaced in March 2015 by longtime Quiksilver employee Pierre Agnes to restructure the brand.[15] In 2015 Pierre Agnes was promoted from president to CEO.

Quiksilver Inc. emerged from bankruptcy in early 2016, with the company once again became privately held with Oaktree Capital Management as the majority shareholder.[16] By the end of 2016, their retail presence has significantly diminished after restructuring by Oaktree.

The company‘s name was changed to Boardriders in March 2017, which became the owner of the Quiksilver, Roxy and DC Shoes brands. It was also under negotiations to purchase the Billabong company in 2018.[17]

On January 30, 2018, the global CEO of Boardriders, Pierre Agnes, was declared missing after his sailboat washed ashore without him near Biarritz, France, after he radioed in to delay his return in thick fog conditions. A search operation by air and sea was launched the same day.[18][19]

Boardriders Inc. currently owns Quiksilver, Roxy, DC Shoes, Billabong, Element, Von Zipper, RVCA and XCEL.

Roxy

In 1990, Quiksilver launched its sister brand for young women, Roxy. The brand was shuttered after 1991 surf industry crash but revived by Bob McKnight and Danny Kwock in 1992, signing Lisa Andersen in 1993. It was differentiated from the main Quiksilver line "for fear it would damage the men's brand", according to Randy Hild, the company's senior vice president of marketing. Roxy was chosen because it sounded like a punk band or club (likely Roxy Music and The Roxy respectively), and is also the name of the daughters of both CEO Bob McKnight and founder Alan Green.[20][21] About 30% of Quiksilver's sales come from the Roxy line.[22]

Since inception, Roxy has grown to be the largest action sport fashion apparel company for young women. In addition to apparel, it now also produces accessories, homewares, hard goods (snow and surf), wetsuits, footwear, books and perfumes. It has sub-brands for its children's ranges, Roxy Girl and Teenie Wahine.

In the spring of 2013, the "DVF loves Roxy" collection was released as a one-time limited edition collaboration line of swim and beach wear as well as accessories.[23]

See also

References

  1. ↑ Connelly, Laylan (March 27, 2015). "Huntington Beach-based Quiksilver replaces CEO with longtime company insider". The Orange County Register. Retrieved 2015-03-27.
  2. 1 2 "Annual Reports / Investor Relations / Quiksilver Inc / Quiksilver - Quiksilver Inc". Ir.quiksilver.com. Archived from the original on 2014-08-28. Retrieved 2016-02-21.
  3. ↑ "Global Boardsports Market". Companiesandmarkets.com. Archived from the original on 4 March 2016. Retrieved 21 February 2016.
  4. ↑ "Quiksilver - About Us". Quiksilver. 2011. Retrieved 2011-12-29.
  5. ↑ (In French) L'Express (13 July 2000). "Surf La planche à billet". Retrieved 2009-09-06.
  6. ↑ "Quiksilver closes on sale of Rossignol ski unit". MSN Money. Associated Press. 13 November 2008. Archived from the original on 8 March 2007. Retrieved 13 November 2008.
  7. ↑ "Quiksilver Sells Cleveland Golf Unit". 31 October 2007. Retrieved 2007-11-30.
  8. ↑ McCracken, Jeffrey (10 March 2009). "Moody's Aims to Be Ahead on Defaults". The Wall Street Journal. p. C1.
  9. ↑ Hamanaka, Kari (13 June 2011). "Quiksilver Comeback: New Stores Planned". Orange County Business Journal. 34 (24): 65. Of these 834 stores, 540 are owned by the company and the rest operate under licensing agreements.
  10. ↑ Pfeifer, Stuart (2013-06-17). "Quiksilver is riding a wave of red ink". LA Times. Retrieved 2016-02-21.
  11. ↑ "Quicksilver Chapter 11 Petition" (pdf). PacerMonitor. PacerMonitor. Retrieved 9 May 2016.
  12. ↑ "Quiksilver files for Chapter 11 bankruptcy in the US". Bbc.co.uk. Retrieved 2016-02-21.
  13. ↑ "Quiksilver Executive Chairman Bob McKnight To Retire; Pierre Agnes Appointed President | Transworld Business". Business.transworld.net. Retrieved 2016-02-21.
  14. ↑ Connelly, Laylan (3 January 2013). "Quiksilver co-founder and longtime CEO steps down". The Orange County Register. Retrieved 3 January 2013.
  15. ↑ Beilfuss, Lisa (March 27, 2015). "Quiksilver Ousts CEO, Installs 27-Year Company Veteran as Chief Executive". The Wall Street Journal. Retrieved March 27, 2015.
  16. ↑ Connelly, Laylan. "Quiksilver, free from bankruptcy, talks booze and boardshorts". The Orange County Register. Retrieved 2016-05-20.
  17. ↑ Masunaga, Samantha (January 4, 2018). "Huntington Beach-based Boardriders acquires Billabong". Los Angeles Times. Retrieved 8 January 2018.
  18. ↑ "Boardriders and Quiksilver CEO Pierre Agnes lost at sea, rescuers scour ocean off France after boat washes ashore". Orange County Register. 2018-01-30. Retrieved 2018-06-03.
  19. ↑ Hanbury, Mary (January 30, 2018). "Quiksilver's CEO has mysteriously disappeared off the coast of France". Business Insider. Retrieved 30 January 2018.
  20. ↑ Bellantonio, Jennifer (16 September 2002). "Image makers". Orange County Business Journal. Retrieved 6 December 2009.
  21. ↑ Calhoun, Carina (12 July 2010). "Q&A". Orange County Business Journal. 33 (28): 7.
  22. ↑ Gomez, Alicia (16 August 2010). "Beyond Roxy: Quiksilver Does Junior Line". Orange County Business Journal. 33 (33): 3, 31.
  23. ↑ Bradstreet, Kailee (11 March 2013). "Roxy Celebrates Launch Of 'DVF Loves Roxy' Collection". Retrieved 21 March 2013.
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