CANADA: Canadian retailer RVCA taken over by Billabong

Billabong International Ltd has acquired Canadian apparel brand RVCA for an undisclosed sum.

Billabong anticipates that RVCA's earnings will equate to around 2% of its revenue and will be earnings per share neutral in the 2010-11 financial year.

CEO Derek O'Neil says the RVCA brand has developed a strong presence in the United States where the bulk of its revenue is generated.

While RVCA's expansion into European and Australian markets is in its infancy, Billabong says they will grow the brand while leveraging the distribution and supply chain infrastructure and support of the Billabong group.

Billabong has also responded to earlier media reports that US sporting goods chain Zumiez plan to outbid them on their planned West 49 acquisition.

Billabong says it will monitor the situation, as Zumiez conducts due diligence to determine if their proposal will be financially superior to the Billabong offer.

Billabong International recorded a profit of $152.84 million for the year ending 30 June, 2009.

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Added: July 13, 2010 Source: Agencies
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