Will MJ at the helm bring you back to Billabong? Or has that ol ship long sailed?
For those who’ve come into surfing late, for those covid-era newcomers etc, a little lesson on the surf nostalgia brand Billabong.
Once upon a time, twenty, thirty years ago, it was the hottest thing in the game. Created by the gun shaper Gordon Merchant and his wife in a little apartment in Burleigh in 1973 it rose on the back of pro surfing to become wildly influential and insanely popular.
Billabong reached its peak share price in 2007, hitting fifteen Australian shekels on the Australian Stock Exchange, reflecting a market capitalisation of around A$3.8 billion, give or take a mill.
This zenith came amid a global surge in demand for surf and streetwear, bolstered by aggressive international expansion and high-profile sponsorships: Taj, Parko, Occ, Andy etc.
Investors, analysts and even the employees were optimistic, viewing Billabong as a millionaire factory.
The peak marked a stunning rise from its 2000 IPO price of A$2.60. However, this high was short-lived, as debt, pretty much, killed the whole dang thing.
In 2013, the company struggled with that debt alongside declining sales. Oaktree Capital Management, through its subsidiary Boardriders Inc., acquired Billabong for A$198 million, one buck a share, a 28% premium over its pre-offer price.
This takeover, completed in 2018, aimed to stabilise the brand amid competition and market shifts. Oaktree’s ownership included integrating Billabong with other surf brands under Boardriders, such as Quiksilver and Roxy.
In April 2023, Authentic Brands Group bought Boardriders for US$1.25 billion.
And here we are.
Moments ago, sexy Marc Jacobs, who’s been at LVMH for eleven years and whose eponymous brand used to drive the gals nuts, not so much after it was discovered the brand was using Raccoon Dog fur instead of the promised “faux” fur, joined Authentic following the company’s buy of the MJ label.
And it ain’t a stretch to imagine Marc Jacobs twiddling the knobs on Billabong, giving it some much needed juice, introducing cashmeres and swirling abstract floral prints and oversized silhouettes and ripped tights.
Will MJ at the helm bring you back to Billabong? Or has that ol ship long sailed?