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.
We asked industry veteran Michael Tomson, co-founder of Gotcha, what he thinks of Volcom selling to French luxury brand company PPR.
Michael Tomson: "This is good news - finally Volcom has an opportunity to trade up to its potential.
"For years the brand with the highest authenticity rating in our industry has underwhelmed investors with mediocre financial results and a less than aggressive disposition towards growing the brand.
"Why? Probably because the original owners/operators would have had to step out of their comfort zone (core products for core stores) and into a theater of operations that is more complex and challenging. Taking a $300m brand to $1b requires different skills and a different mindset. But it looks to me like Volcom found the right partner to make that happen.
"PPR is clearly a high end brand collective. They're top soil traders - Gucci, Alexander McQueen Puma etc - none of them down market. And nor is Volcom. In fact it's no surprise they targeted Volcom as an acquisition - along with Burton it's the brand with highest authenticity per dollar of sales in action sports.
"PPR joins VF and Nike to become the third mega player taking a position in action sports. Youth culture drives the future, and interim ups and downs notwithstanding, that means action sports will draw attention.
"And now Wooly gets to go on more boat trips ... maybe buy an island, set up a camp, take people on trips ...
"Hey, I'm up for that part. ..."