Billabong is going public. In a letter sent out to the industry today, U.S. President Paul Naudé announced that the brand will launch an Initial Public Offering (IPO) mid July on the Australian Stock Exchange.
Naudé said that the move will not affect how the U.S. division, which is fully owned by the Australian company, does business. “Billabong will continue to respect the factors that have made the brand successful–particularly promotion through the sponsorship of core events and athletes, and the development of junior boardsports,” the letter said.
Naudé also stressed that management and personnel won’t be affected drastically: “The Billabong people you currently deal with will not change. Gordon Merchant will remain as a substantial shareholder of the company and an important member of its Board.”
The letter also quotes Naudé as saying that the way the company does business will also continue. “We assure you that efforts to continue the success of the business will in no way detract from our sponsorship of our athletes and events. Nor will it affect the relationship we have with retailers. Billabong is, we believe, less widely distributed than most other major brands, a fact that will not change.”
Snowboarding Business will continue to update this story as it develops.