Kering completes sale of Volcom to Authentic Brands

Fashion

Kering completes sale of Volcom to Authentic Brands

04 Apr `19

1 min read

Pic: Volcom

Kering has completed the sale of its US sports and lifestyle brand Volcom. The US company, Authentic Brands Group (ABG), has purchased the intellectual property rights of Volcom, effective April 1, 2019. The sale follows Kering’s decision in 2018 to focus on the development of its luxury houses, establishing its status as a leading pure player in the sector.

“Volcom has been accounted for since 2018 as discontinued operations under the requirements of IFRS 5. The disposal will not have a material impact at Group level, either in terms of net result from discontinued operations (a non-significant capital loss) or cash flow (proceeds from disposal),” Kering said in a press release.

The current Volcom management team has acquired the operating license of Volcom and will continue the development of its operations based in the US, France, Australia and Japan.

Kering has completed the sale of its US sports and lifestyle brand Volcom. The US company, Authentic Brands Group (ABG), has purchased the intellectual property rights of Volcom, effective April 1, 2019. The sale follows Kering`s decision in 2018 to focus on the development of its luxury houses, establishing its status as a leading pure player in the sector.#

Volcom was acquired by Kering in 2011.

A global Luxury group, Kering manages the development of a series of renowned houses: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.

In 2018, Kering had nearly 35,000 employees and revenue of €13.7 billion. (RKS)

Fibre2Fashion News Desk – India

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