Photo courtesy of Roberto Ventre on Flickr
Billabong has agreed to sell two of its e-commerce businesses, SurfStitch and Swell, for $35 million to a consortium that includes SurfStitch founders Justin Cameron and Lex Pedersen
“Billabong International Limited today announces the outcome of the strategic review of its multi-brand ecommerce businesses SurfStitch.com in Australia and Europe, and Swell.com in North America,” Billabong said in a statement last month.
“As announced on 6 February 2014, the review considered a range of options for both SurfStitch and Swell, as Billabong moves to a direct to consumer omni-channel model across its global operations.”
The Australian company announced that it has entered into binding documentation to sell its 51% stake in SurfStitch and its 100% ownership of Swell to a consortium of investors.
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