WHAT’S IN A NAME: Quiksilver Inc. wants to turn the page on a rocky chapter for the business and thinks a corporate name change might help.
The company said Wednesday it’s changing its corporate name from Quiksilver Inc. to Boardriders Inc. and will continue to operate its brand portfolio consisting of the Quiksilver, Roxy and DC Shoes lines.
The name change also came with news the company would open its first Boardriders store in the Americas region in the fall to be located in Malibu, Calif., on Pacific Coast Highway.
Progress on the turnaround appears to have also given the company confidence to look at new revenue streams and expand beyond the apparel and retail business.
The company’s Quiksilver and Roxy labels inked a deal to lend their brands to Accor Hotels Jo and Joe concept, which launched last year as a Millennial-minded, affordable hospitality brand. The hotel business isn’t a surprising move for the company. In 2013, the group opened Quiksilver Holiday Rental Apartments in Byron Bay and had been rumored at one time to be involved in a project near its Huntington Beach headquarters.
“The renaming of our company signifies the beginning of a new day at Boardriders,” said Pierre Agnes, chief executive officer of the newly named group. “Our teams around the world have been building our resurgence brick-by-brick. Their passion and tireless execution, along with the loyalty of our customers, suppliers and partners, has allowed us to complete the restructuring phase of our turnaround and to begin shifting our focus to growth.”
Quiksilver reorganized via a Chapter 11 bankruptcy and emerged from it last February under the ownership of Oaktree Capital Management LP. The now private company said it has led an aggressive turnaround that included cost-cutting measures, creating efficiencies in its distribution channels and cutting excess inventory.