The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BURLEIGH HEADS, Australia — Billabong International Ltd., the Australian surfwear company that's already fielded five takeover and refinancing proposals since February 2012, said Coastal Capital International Ltd. is seeking a board shakeup.
The fund, which has a 5 percent stake in the business, had asked for a shareholder meeting to vote on resolutions including an amendment to Billabong’s constitution so that future debt or equity financing plans are subject to a shareholder vote. It also wants representatives on Billabong’s seven-person board and to have all directors removed except founder Gordon Merchant and his long-time friend Colette Paull.
Billabong’s full-year losses tripled to A$860 million and the company’s 40-year-old namesake brand was written off to a zero valuation in annual results announced last week. Management have accepted a bridging loan from Altamont Capital Partners to refinance its debt and are studying a separate proposal from a group including Oaktree Capital Management LP and Centerbridge Partners LP.
The Coastal Capital action isn’t expected to “cause any delay or deferral of the company’s process to complete the long term financing”, Billabong said in the statement today.
By: David Fickling; Editors: Anjali Cordeiro, Edward Johnson
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.