NEW YORK — Action-sports titan Volcom, Inc. Wednesday announced its acquisition of Electric Visual Evolution. Volcom purchased the San Clemente, Calif.-based eyewear brand for $25.25 million in cash, due to Electric shareholders upon the closing of the transaction. If Electric achieves certain milestones during the next three years, shareholders will be eligible for an additional $21 million.
Electric, which will be maintained as a wholly-owned subsidiary of Volcom, produces action-sports oriented sunglasses, snow goggles, T-shirts, and other accessories. Kip Arnette, son of Arnette Optical Illusions’ founder Greg Arnette, co-founded Electric in 2000 with former Arnette COO Bruce Beach. The brand has since found homes in many of the action-sports worlds’ most respected retail accounts, and in 2007, achieved net sales of about $23.5 million.
Volcom’s president and CEO, Richard Woolcott, called the partnership “the perfect fit,” in a statement. “Our companies are very much on the same wavelength, sharing similarities in product distribution, marketing efforts and a strong commitment to quality and innovation.”
In other news, Volcom last week lowered its fourth-quarter earnings outlook. The company said it expects earnings of $67 million to $68 million, or 29 cents to 30 cents a diluted share, when it reports final results for the quarter ended Dec. 31. Previously, Volcom expected earnings between $70 million and $73 million, or 30 cents to 32 cents a diluted share. For the same period last year, the company reported earnings of $56.6 million, or 31 cents a diluted share.
Volcom also lowered its expectations for fiscal 2007. The company said it now expects revenues between $266 million and $267 million, or $1.36 to $1.37 a diluted share, versus prior guidance of earnings between $270 million and $273 million, or $1.37 to $1.39 a diluted share.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty