Volcom to Acquire Australian Licensee
Costa Mesa, Calif.–based Volcom has announced plans to acquire Volcom Australia, its Australian licensee, for an undisclosed sum. According to a release from the skate/surf brand, the deal is expected to close in the third quarter of the year and is not expected to affect Volcom’s 2010 earnings.
“This acquisition supports our continued commitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,” said Richard Woolcott, Volcom’s chairman and chief executive officer, in a statement. “This is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share.” In 2007, Volcom acquired its European licensee and, a year later, bought its Japanese licensee.
Volcom—which also licenses its brand in Brazil, Indonesia, South Africa and Argentina—has been licensed in Australia since 1993.—Erin Barajas
