Nike Sells Surfing Brand Hurley

The US sports giant Nike (Nike) announced that it had reached a final agreement with the brand management company Bluestar Alliance on the sale of its surfing brand Hurley. The transaction is expected to be completed in December of this year, and other specific transactions and financial details have not yet been disclosed.

Hurley was founded in 1979 by Bob Hurley. It was originally designed and produced as a surfboard, and was once renowned as the world surfers champion Wayne Bartholomew for designing surfboards. In 1990s and early twenty-first Century, Hurley and Quiksilver, Billabong, Pacific Sunwear of California and other surfing brands jointly led a trend of surfing and skateboarding.

In 2002, Nike acquired Hurley from the founder of Bob Hurley to enter the field of surfing clothing.

In October 2007, Nike announced the appointment of Roger Wyett as the new chief executive of Hurley, and founder Hurley Bob as president of the company, still responsible for managing the company's business, but less and less involved in product design and production process. Under the leadership of Nike, the production line of Hurley is expanding continuously, and its business ranges from the original men's surfboards, T-shirts and peripheral products to women's, children's sports products and more different fields.

　　 However, with the gradual cooling of the wave culture trend, the rise of retro fashion and street culture, the surfing and clothing market is becoming more and more depressed, and the surfing brand has also been in a predicament, losing its attraction to ordinary consumers in the past.

In September 2011, Michael Egeck was appointed by Nike as Hurley's new CEO, but not long before she resigned. In 2012, Bob Hurley had to act as temporary CEO. Hurley's latest public financial data was in 2012, with net sales of $260 million. Considering the overall trend of the market, Hurley's sales in recent years may not increase substantially.

Announcing the sale, Michael Spillane, President of Nike's category and products, said: "we are grateful to the Hurley team for their efforts. They have made Hurley one of the most innovative surfing brands."

As early as July this year, a person familiar with the matter revealed that Nike was seeking to sell Hurley.

In recent years, the surfing industry has been sluggish, and many surfing brands are seeking sale or even bankruptcy protection.

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About Bluestar Alliance

Bluestar Alliance was founded in 2006 by Joseph Gabbay and Ralph Gindi. It manages a series of consumer brands, and has established an extensive strategic partnership network through cooperation with leading retailers, licensed manufacturers and media. It is committed to making niche brands a world-renowned lifestyle brand. According to the company's estimate, the total sales volume of its brand will exceed 3 billion dollars in 2019.