Authentic Brands Group (ABG) continues expanding its fashion portfolio, adding to its collection of clothing properties with the acquisition of lifestyle brand Volcom. Formerly owned by Gucci and Saint Laurent parent Kering, ABG’s newest purchase sets the company up to make moves in the skate, surf and snowboarding markets.
Already the owners of Juicy Couture, Nautica, Aeropostale and several celebrity namesakes (including Elvis Presley, Marilyn Monroe and Shaquille O’Neal), ABG’s Volcom buy affords the company access to Volcom’s massive retail presence, with nearly 100 stores across the globe. "For nearly three decades, the Volcom family has created one of the most iconic brands in the skate, surf and snow markets,” affirmed ABG chairman and CEO Jamie Salter in a statement. One of ABG’s goal with the acquisition is to promote Volcom’s digital campaigns and influencer partnerships, with a focus on expanding its millennial and Generation Z customer base.
Todd Hymel, CEO of Volcom, and his management team will maintain a majority stake in Liberated Brands, the new operating company of Volcom, continuing to oversea operations in America, Japan, France and Australia alongside retail/wholesale business, product development and athlete marketing. "Jamie and his team share our vision and excitement for Volcom’s long-term growth, and we are excited to be a part of this next chapter for the brand," Hymel noted.
With the acquisition of Volcom, ABG values its own portfolio’s value at over $9.3 billion USD.
In other skate culture news, James Jebbia recently granted Business of Fashion a rare interview.
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