Kathmandu has taken advantage of it’s recent acquisition of surf wear giant Rip Curl by moving it’s CEO, Michael Daly to Kathmandu making him the group’s CEO.
Rip Curl was acquired by Kathmandu in 2019 in a deal worth $350 million and the acquisition looks to be a good with Rip Curl sales rising to 86 per cent to $251.1 million in the six months to January and earnings of $48.7 million. These great sales was mostly attributed to an increase in sales or wetsuits and surfboards. They also benefited from the Coronavirus epidemic with many people choosing to spend time on beaches.
Rip Curl has been a big contributor to the bottom line of Kathmandu with revenue effectively doubling with the purchase. It has also allowed the company to expand into other business areas.
Kathmandu itself has not had such a good run with the company’s recording a negative results losing $7.1 million as much of it’s clothing line has been slow due to travel restrictions. Sales of clothing such as thermals and puffer jackets dropped by 35 per cent. This may be part of the reason that they have decided to make Michael Daly the head. Kathmandu are hoping that Michael Daly will bring the same success that his has brought to Rip Curl. To get great deals when you shop at Ezibuy, use a Ezibuy promo code when you shop.