Kering luxury group sold its US sports and lifestyle brand Volcom

Volcom, the skate, swim, and snowboarding lifestyle brand that creates durable, stylish clothing and accessories, was sold to Authentic Brands Group (ABG).

volcom limited edition products 2019

volcom products 2019;;

Kering luxury group, the owner of some of the biggest luxury powerhouses such as Gucci, Saint Laurent, Bottega Veneta, and Ulysse Nardin, sold its US sports and lifestyle brand Volcom. The lifestyle brand that designs, markets, and distributes boardsports-oriented products is headquartered in Costa Mesa, California, United States. Volcom primarily produces clothing, footwear, accessories, and related products for young men and women

The US company, Authentic Brands Group (ABG), has purchased the intellectual property rights of Volcom. 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.

Volcom was acquired by Kering in 2011. 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.

As a reminder, 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).

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

Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.

“By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination,” said Kering in a statement.