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Billabong invests in Australian online retailer
December 28, 2009 07:05 AM
Here’s some news from Billabong announced just before Christmas.
The company has a conditional agreement to acquire a minority interest in Surfstitch, an online retailer in Australia. The agreement gives Billabong an option to acquire 100% of the business.
The purchase price was not disclosed.
According to the Surfstitch website, Managing Director Lex Pedersen and two partners worked on the business for three years, and a new website launched in September 2008.
The goal was to carry a wider range of styles and sizes than most brick-and-mortar stores stock. Surfstitch.com carries 10,000 items from brands such as Billbong, Rusty, Volcom, Insight and more. It also has a store on the northern beaches in Sydney.
Billabong’s move comes on the heels of its acquisition of Australian online retailer Swell.com.
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