CIT: West Coast team featured in Fashion Manuscript.
FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
Details on Industry Insight.
Element’s Founder and President Johnny Schillereff said in a release: “The Billabong group’s unwavering support has helped Element blaze the trails we've always dreamed of. Plan B is iconic and deep within the fabric of skateboarding and we couldn’t be happier to unite with them."
IRVINE, CALIFORNIA, March 5TH, 2010: Billabong International Limited today announced it has entered an exclusive 10-year agreement to license the California-based skateboard brand Plan B.
The partnership, which covers all territories globally, will see Plan B continue under its current management structure and leverage the backend distribution and general business support of the Billabong group.
Billabong North America president Paul Naude said the licensing arrangement would allow Plan B to maintain its focus on the creation of premium skateboarding products and the promotion of skateboarding.
“Plan B is an authentic, progressive brand and this arrangement will allow its management to focus on its core capabilities while leveraging the global infrastructure of the Billabong group,” he said.
“Billabong already has a shared commitment to the development of skateboarding through the Element and Sector 9 brands and we view Plan B’s high quality products as a tremendously complementary.
Plan B is owned by professional skateboarders Danny Way and Colin McKay and is widely regarded as a leader in the development of skate hardgoods. Its roster of sponsored athletes is also considered world class and includes inspirational skateboarders such as Paul Rodriguez, Ryan Sheckler, PJ Ladd and Pat Duffy, along with the brand owners.
Colin McKay said the licensing arrangement would help Plan B realize its global potential.
“We couldn’t be happier to be coming together with Billabong and Element Skateboards to form a new skate distribution,” he said.
“We share a common vision for the future of Plan B and their expertise in building brands made this a perfect choice for us. I look forward to working together to realize Plan B’s full potential.”
Danny Way said both parties stood to benefit from the new arrangement.
“There is a mutual respect between Plan B, Element and Billabong,” he said.
“Their strength and philosophy on business combined with ours on skateboarding makes this partnership a no brainer.”
Tom Jones, Plan B’s Vice President, said the new arrangement would help support Plan B’s commitment to progression.
“We wanted a relationship that would allow us to bring something new and progressive to the skateboarding community,” he said.
“The ability to promote the best quality products with our team’s style of skateboarding allows us to bring inspiration to skateboarders all over the world. I couldn’t be more optimistic about Plan B’s future with the Billabong group.”
The arrangement also included an option for Billabong to acquire the Plan B business over the next 10 years, but with the ongoing involvement of Danny Way and Colin McKay if this occurs.