Quiksilver looking to offload Moskova
The Quiksilver group is applying the strategy laid out by Andy Mooney. The CEO, who came on board earlier this year, said his goal is to focus on the company's core brands Quiksilver, Roxy and DC. The group today announced a number of new decisions, following its sale last month of snowboarding company Mervin Manufacturing, which includes the brands Gnu and Lib Tech.
Regarding its brands, the company publicly announced its intention to phase out the French underwear and accessories label Moskova, founded in 2009. It also plans to sell off Hawk Designs, which it acquired in 2000 and is built around the image of skateboarder Tony Hawk. It will also be divesting its licensed surfwear brand Maui and Sons. And lastly, the group said it would pull out its investments in the British e-commerce site Surfdome, a website specialized in action sports with a catalog of 900 brands and deliveries to fifty countries.
According to the group, these activities achieved net sales of over 83 million U.S. dollars in 2013, according to preliminary, before-audit financial results for the year.
Quiksilver also used the series of announcements on December 3 to say it will be investing in South America. The group has assumed 100% ownership of its operations in Mexico and Brazil. It also said it had taken out a credit facility of 60 million euros to "stabilize and give more fluidity" to its European operations.
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