Licensing company Authentic Brands Group is reportedly wading even further into the sports retail sector.
The company is close to a deal with Boardriders — the parent company of Billabong, Quiksilver, and Roxy — for $1.3 billion, according to Bloomberg. The three brands are known for their surf gear, but also offer skiing and snowboarding apparel and equipment.
It’s been a difficult decade for brands that were once considered defining cultural symbols of the surf and snowboard generation.
Boardriders, previously known as Quiksilver, was acquired by Oaktree Capital Management in 2016 after filing for bankruptcy, after which the company bought Billabong.
Over the past few years, Authentic Brands Group has pushed further into the sports space.
- It currently owns Reebok, acquired from Adidas last year for $2.5 billion.
- In 2019, it stepped out of the retail space to acquire Sports Illustrated for $110 million.
The deal could become final next week, but the report cautioned that it could still be canceled.