SYDNEY — Billabong International Ltd. said Monday that it has reached a “conditional agreement” to buy California-based skate and lifestyle brand Rvca.
Terms of the deal were not disclosed, but Rvca is expected to contribute about 2 percent of Billabong’s group revenue in the 2010-11 financial year and will be earnings per share neutral. In the 2008-09 fiscal year, Billabong recorded 1.67 billion Australian dollars, or $1.46 million at average exchange, in group sales revenue, up 23.9 percent compared with the previous year.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"