- Kathmandu shareholders have today approved the $350 million Rip Curl takeover
- This purchase will create a combined ownership of 341 owned retail stores and will make Kathmandu a $932 million company
- The deal is expected to be finalised on October 31, 2019
- Kathmandu is up 1.03 per cent on the market today and is selling shares for $2.93 apiece
Nearly all of Kathmandu shareholders have today approved the $350 million Rip Curl takeover.
Last month, Kathmandu proposed to takeover the retail shop, to make it a $932 million company.
Rip Curl is an iconic Australian brand that designs, manufactures and sells its apparel and surfing equipment.
The well-known surf brand has a global presence across Australia, New Zealand, North America, Europe, South East Asia and Brazil.
Kathmandu believes Rip Curl’s surf products will compliment its technical and seasonal products.
“Similar to Kathmandu’s core outdoor products category, the surf products market has a stable, committed core consumer, with steady growth in participation and spending,” Kathmandu’s Chairman David Kirk said.
“The acquisition of Rip Curl is an opportunity for Kathmandu to considerably diversify its geographic footprint, channels to market and seasonality profile, and creates a NZ$1.0 billion outdoor and action sports company anchored by two iconic Australasian brands,” he added.
For the past 30 years, Kathmandu has designed gear for adventure spirited people and is a leading retailer in Australia and New Zealand.
“There is strong cultural alignment between the two brands and a shared focus on technical and functional products,” David said.
The Rip Curl purchase will create a combined 341 owned retail stores with Kathmandu owning around 170 stores and over 7300 wholesale relationships.
It is expected for the deal to be finalised on October 31, 2019.
Katmandu is up 1.03 per cent on the Australian Securities Exchange and is selling shares for $2.93 apiece at 12:50 pm AEDT.