Owner of Rip Curl, Kathmandu in talks to sell to US giant
The owner of Rip Curl and Kathmandu has entered into exclusive talks with a US brand management company for a potential takeover.
Bluestar Alliance is carrying out due diligence for the potential acquisition of all shares in KMD Brands, which owns the famed surf and outdoor labels.
Bluestar has approached KMD brands, which owns Rip Curl and Kathmandu. Louie Douvis
KMD confirmed the company, which also owns hiking shoe brand Oboz, has been approached several times since September.
KMD confirmed the exclusive talks with New York-based Bluestar Alliance in a statement to the ASX on Monday.
“There is no certainty at this time that this process will result in receipt of a binding proposal, or that any transaction will ultimately be consummated,” KMD said.
“The board has not made, and the granting of exclusivity should not be taken as, a recommendation of any transaction.
“Accordingly, shareholders do not need to take any action at this time.”
Surfwear brand Rip Curl could be sold to a new US owner. Louie Douvis
Bluestar Alliance owns rival surfwear brand Hurley, workwear and streetwear company Dickies, luxury streetwear label Off-White and brand Scotch & Soda.
The exclusivity agreement could run until December 23 this year, however there is no certainty the discussions will result in a binding offer or takeover.
KMD has previously dismissed several previous approaches, including one from former Billabong executives in March to spin off Rip Curl and merge it with their company Stokehouse.
Bluestar Alliance chief executive Joseph Gabbay previously said his company was actively looking to add established brands to its international brand portfolio.
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