Billabong has completed the acquisition of the Sydney-based Surf Dive ‘n’ Ski and Jetty Surf retail stores.
The company has acquired 38 retail stores from the General Pants Group and associated parties.
In October, when the acquisition was announced, Billabong CEO Derek O’Neill said the move will strengthen Billabong’s retail business in Australasia.
“There is good retail experience in the SDS and Jetty Surf businesses and this will complement what is already a strong retail management team in Australia,” he said.
“The acquisition presents the opportunity to extract significant synergies in areas including warehousing, distribution, back-office support and overall retail management consolidation.
“Additionally, direct retail operations greatly enhance Billabong’s visibility into the buying trends of the end consumer and assist in the speedy development and delivery of on-trend product to both Company-owned and independent retail accounts.”
The acquired business now brings the company’s global retail portfolio to approximately 558 doors. It is also expected to contribute approximately 3 per cent of Billabong Group revenue in the 2010-11 financial year.