Monday, 24 January 2022

Nike explores sale of surfwear brand Hurley

NEW YORK: Nike Inc, the world’s largest sportswear maker, is exploring options for its surfwear brand Hurley International, including its possible divestment, according to people familiar with the matter.

Nike’s potential retrenchment from the surfwear market is emblematic of the stance of most major consumer companies towards the sector. Surf brands have lost their appeal among non-surfing consumers, who now prefer boutique brands and retro streetwear.

Among the options that Nike is considering for Hurley is an outright sale of the Costa Mesa, California-born brand, the sources said, requesting anonymity because the deliberations are confidential.

It is not clear how much Nike could fetch by selling Hurley. Nike declined to comment.

Nike purchased Hurley from founder Bob Hurley in 2002 for an undisclosed sum in an effort to expand beyond athletic-focused apparel and into other sportswear for surfing, skating, and snowboarding.

Bob Hurley founded the company in 1979 and achieved notoriety in the 1970s for shaping the surf board for world champion Wayne “Rabbit” Bartholomew.

In the last few years, the burgeoning appetite for clothing associated with the beach lifestyle and culture waned, to the point that former global leader Quiksilver filed for bankruptcy in 2015 before being taken over by private equity firm Oaktree Capital Management.

Check Also

Cryptocurrencies tumble amid China crackdown

REUTERS/Dado Ruvic/Illustration/File Photo TOKYO – Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining ...

Leave a Reply