Iconic Australian surf brand Rip Curl has been sold to New Zealand specialist outdoor retailer Kathmandu in a $ 350 million deal.
The deal was announced on Tuesday, bringing to an end 50 years of private ownership for Rip Curl. The brand was founded in 1969 by Brian Singer and Doug Warbrick in Torquay, Victoria, where its headquarters remain.
Kathmandu, which offers apparel and gear in the travel and adventure segment, operates stores in New Zealand, Australia and Britain.
Rip Curl, which has a presence across Australia, New Zealand, North America, Europe, South East Asia and Brazil, offers surfing-related products including highly technical wetsuits, boardshorts and other accessories.