Pushing to focus on its core brands, Quiksilver Inc. said today that it will seek to sell its Surfdome Shop Ltd., Hawk Designs Inc. and Moskova brands.
The Huntington Beach, Calif.-based company said it would also pursue the divestiture of its licensed Maui and Sons business.
Quiksilver said it would exit the businesses as it completed the sale of its Mervin Manufacturing snowboard subsidiary for $58 million, purchased the minority interests in its joint ventures in Mexico and Brazil and established a 60 million euro, or $79.3 million at current exchange, European credit facility with Eurofactor.
“These transactions represent additional milestones in executing our multiyear profit improvement plan,” said Andy Mooney, president and chief executive officer of Quiksilver. “We used a portion of the Mervin proceeds to invest in our high-growth subsidiaries in Mexico and Brazil, and we now own 100 percent of our operations in both countries.”
He added that the offloading of the noncore brands “will allow management to focus on expanding our three core brands — Quiksilver, Roxy and DC Shoes – along with driving additional operational efficiencies.”
The Mervin, Surfdome, Hawk, Moskova and Maui business have been reclassified as discontinued operations. For the fiscal year ended Oct. 31, Quiksilver said the discontinued operations had sales of $83.2 million and gross profit of $43 million.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia