Rip Curl’s owner in takeover talks with US retail giant
The parent company of popular Australian brands Kathmandu and Rip Curl has revealed it is in talks with the US-based global retail giant owner of labels including Dickies about a possible takeover.
In an announcement to the ASX on Monday, KMD Brands, which is behind outdoor clothing and adventure brand Kathmandu, surfwear staple Rip Curl and footwear company Oboz, said that after receiving a number of approaches from external parties, it had entered into an exclusivity agreement with retail powerhouse Bluestar Alliance “regarding a possible transaction to acquire all of the shares in KMD”.
“There is no certainty at this time that this process will result in receipt of a binding proposal, or that any transaction will ultimately be consummated,” the statement said.
Bluestar’s stable also includes lifestyle brands Scotch & Soda, Hurley and bebe as well as luxury fashion labels Off-White and Palm Angels, among others.
KMD shares had jumped 10.4 per cent at 12.35pm AEDT on Monday. The stock has fallen almost 60 per cent in the past year.
More to come...
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