Australian online surfwear retailer, SurfStitch, has bought British-based rival, Surfdome.com.
SurfStitch purchased Europe’s biggest online action sports retailer from Quiksilver for $45 million, with the acquisition expected to nearly double its sales ahead of a $350 million-plus initial public offering in December, reports The Australian Financial Review.
“I’d like to think with the consolidation of the Surfdome business, an IPO is one of several possibilities the board is accessing,” SurfStitch co-founder, Justin Cameron, told The Australian Financial Review.
Surfdome has 900 brands, including Billabong, The North Face, Ted Baker and Converse, across men’s, women’s, and children’s wear.
In August, SurfStitch bought back Billabong’s 51 per cent shareholdings in its Australian and European operations, along with 100 per cent of Billabong’s other online retail platform, Swell.com.