Breaking: SurfStitch buys Depactus!
Australia's most intelligent company strikes again!
Your favorite online Australian surfwear retailer is back in the news with a stunning counter punch. SurfStitch, former parent company of Stab and FCS, was looking very on the ropes just weeks ago. Punch drunk. Getting sued by investors, stock frozen, owners of Stab. It seemed that a knockout was minutes away but suddenly, and without warning, Stab bought itself back for free and then just seconds ago it was revealed that the company purchased the surfwear brand Depactus.
You may recall Depactus from… when… ummm… the brainchild of… wait was it Luke Egan or Luke Munro? And camping gear? Did Depactus make camping gear? I’m sorry. I’m writing the prologue to book right now and not the detailed surf journalist you’ve come to know and love.
In any case, Depactus then was rumored to have folded. Derek Rielly wrote two years ago:
Word on the street is Depactus is done. The MEPs (Men of Extraordinary Pursuits) are actively seeking alternative sponsorships and the reason for its failure?
We’re told the brand was marked by three major flaws.
-Big salaries right out of the gate.
-Branding that was tone deaf to the consumer. Depactus came in high-end and expensive where Salty Crew, who is killing it, came in low, came in blue-collar. Same waterman-fisherman-surfer vibe but more authentic and value oriented.
-Bold spending. Big ad agency employed, designers, staff and the most delicious trade show fit-outs seen in a while.
And the world moved on. Except SurfStitch, the company that reeks of value, of good decision-making, saw an opportunity to strike it rich and scooped Depactus up for… I have no idea. Nothing?
How was SurfStitch aware that Depactus had not totally died? Do you think the SurfStitch x Depactus relationship will fare better than the SurfStitch x Stab one? Will Depactus go out and sponsor more Men of Extraordinary Pursuits? If SurfStitch came to your house looking to buy you would you flee or ask, “How much you got?”