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.
NEW YORK, United States — Quiksilver Inc. hired restructuring adviser Peter J. Solomon Co. to help it find financing as the surf-wear chain struggles to turn itself around in a crowded teen-apparel business, according to a person with knowledge of the matter.
The retailer is exploring options that include negotiating with lenders to increase the amount it can borrow on its credit line, said the person, who asked not to be identified because the matter is private. It’s the second time in five years the retailer has enlisted the firm to help boost its access to cash.
Spokeswomen for Quiksilver and Peter J. Solomon declined to comment.
Quiksilver, which replaced its top executives in March, abandoned its earnings forecast for the year as business suffered amid heightened competition from independent boutiques and niche online retailers. It has posted a net loss in eight of the past 10 quarters and its cash declined to $48 million in April from $177 million at the start of 2011, according to data compiled by Bloomberg.
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The company’s shares have plunged 77 percent this year to 50 cents.
By Jodi Xu Klein, with assistance from Lindsey Rupp. Editors: Shannon D. Harrington, Nick Turner.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.