And more good news from the front!
The Middle East is in a very strange time zone, I’ve just realized. When the sun peeks over the horizon, into the desert sand and honking horns, it is very late at night back home in California and just after dinner in Australia. Two night times and how does that work? How is it morning here, night in the U.S. and basically night in Australia?
I should know and am sure the answer is clear but there is no way I’m sussing it out in this state. I have more work today, anyhow, a full slate but before getting out in it I must nominate the definitive guide to surfing’s best brawlers for BeachGrit’s best of ’18. It had me laughing start to finish.
There is no laughing in Torquay, Australia right now though because it was just revealed that Rip Curl had the worst of ’18, halving its profits from ’17 and potentially tanking its value. Shall we read from The New Daily?
Australian iconic brands Rip Curl, Quiksilver, Ozmosis and Billabong are struggling to turn weighty profits ahead of summer as consumers continue to turn their back on once trendy branded T-shirts and surfy swimwear.
The wildly volatile surf retail sector has been rocked by brand collapses and acquisitions in recent years, with Rip Curl being valued at anything between “$80 million and $400 million” depending on who you ask, according to retail expert Brian Walker.
Rip Curl Group’s full-year profits this year took a dramatic dive to $9.8 million, halving its encouraging 2017 profit of $18.4 million.
It is a huge step backwards for the company, which this time last year had reported a doubling in profits.
The company attributed the massive drop in profits in part to its de-valuation of subsidiary retail chain Ozmosis, The Australian reported.
Oh I know how just two months ago we celebrated the surf industry’s return and maybe Rip Curl’s troubles are just a small speed bump on the way to glory but things don’t look rosy for the big three. (Quik, Bong and Rip).
It is very convenient that Rip Curl owns a retail chain, I suppose. An easy hook upon which to hang the precipitous drop in profits but part of me wonders if supply chain is the real culprit. In ’16 things were trucking right along with North Korean slave labor the engine.
Due to an unfortunate expose, however, that all went away and mysteriously vanished profits with it.
Well you win some and you lose some but the article did point to an interesting phenomenon. Even with profits halved…
“…Rip Curl is doing better than the others and I think that’s because they’ve stuck to a core ‘surf brand’ strategy and focused on their aspiring and hardcore surfer market.
“Their competitors have diluted their brand by going into fashion lines and activewear to appeal to a broader market and have lost their way.”
The aspiring and hardcore surfer market. Us!
I always knew we’d be the future. Should we all go work as Rip Curl slaves now? It would be very inspiring, pushing those North Koreans out of the way, taking up the needle and thread and bringing Torquay back into the light.
A summer blockbuster film even.