Rick Petri is moving to Lost Holdings.
The surfwear industry veteran was named president of the Chino, Calif.-based business, effective Dec. 1. It’s a new position at Lost Holdings, and he will assume the role from Rip Curl USA, where he is executive vice president and chair.
Petri is charged with overseeing the company’s men’s, women’s and accessories business.
The appointment comes after Irvine, Calif.-based Lost International said it struck a licensing agreement with an investor group to handle the company’s manufacturing, sourcing and financing. That portion of the business was broken off into the entity called Lost Holdings. Lost International continues to handle the design, marketing and merchandising of its brand portfolio.
The company said at the time of the deal that the move was necessitated out of the “current state of the market” that includes more competition and competitors with more resources. The action-sports industry not only consists of its own mix of small and large brands, but in more recent years has seen increased competition from brands and retailers outside of the industry looking for a slice of the market.
Lost International operates its namesake surfwear brand that includes both apparel and hard goods, along with a contemporary line called Sea Gypsies launched last year.
Lost International chief executive officer Joel Cooper said Petri “is well-respected in the industry, has an impeccable track record and brings the kind of leadership that can help grow our business.”