About one year after it emerged from Chapter 11 reorganization and embarked on a turnaround program, Quiksilver Inc. has changed its corporate name to Boardriders, regrouping the Quiksilver, Roxy and DC brands.
Boardriders said that the change marks a fresh start at the company, which last year came under the ownership of Oaktree Capital Management, the private equity firm. It has since adjusted its cost and development structure, streamlined distribution and cleaned up its inventory.
The turnaround program has been led by the group's management team and a so-called special situations team for funds managed by Oaktree Capital Management. Dave Tanner, managing director at Oaktree and chief turnaround officer for the company, said in a statement that the reorganization was starting to yield results and that the company was returning to expansion. He told the Orange County Register that the group is enjoying mid-single-digit growth, with the Quiksilver brand's sales increasing at a high-single-digit rate and the Roxy brand at a double-digit rate.
The company added that the first Boardriders store in the Americas will be opening in Malibu in the second half of this year. The concept started in France and currently comprises 14 stores, selling all of the group's brands together. The group described Boardriders as an experiential store concept that should help to turn around the business in North America.
At the same time, Boardriders said that it was entering into a new partnership with Accor Hotels to integrate the Quiksilver and Roxy brands into its Jo & Joe hospitality concept.
