Authentic Brands Group closed on its acquisition of Boardriders, the company confirmed to Fashion Dive Friday.
The acquisition includes the brands Quiksilver, Billabong, Roxy, RVCA, DC Shoes, Element, VonZipper, Honolua and Boardriders.
A spokesperson for Authentic declined to share financial details of the transaction. Authentic first announced it had reached an agreement to acquire the company in April.
The Boardriders portfolio brings in about $2.9 billion in revenue each year through a distribution network of more than 500 owned retail stores, 7,000 wholesale accounts and e-commerce channels across 35 countries, Fashion Dive previously reported.
With the acquisition, Authentic’s annual retail sales will total more than $29 billion worldwide, an Authentic spokesperson said in an emailed statement. Authentic owns more than 50 lifestyle, entertainment and media brands, including Nautica and Reebok.
“Today, Authentic deploys its proven playbook of brand development and value creation and will quickly announce a roster of best-in-class partners around the world to help drive the brands in their next stage of growth,” the spokesperson said.
Authentic, a company known to buy struggling brands, has been on a deal making streak this year. It recently announced it would acquire intellectual property from Vince and Hunter Boots. In August, one of its joint ventures, Sparc Group, entered a deal with fast fashion giant Shein that would allow Forever 21 and Shein to distribute each other’s products through both companies’ digital and retail channels.
