Just four months after his takeover attempt of Billabong failed, Paul Naude has unveiled his new brand. The unsuccessful takeover made Naude's position at Billabong untenable and it was widely known Naude was head hunting talent to join him in his new venture, the details of which had been secret until now.
The following article was written by blindboy.
Surfing has experienced a 30 year long financial bonanza during which its main corporate sponsors managed, with a head start from Coca Cola, to convince a sizeable market that not only was surfing cool, but that board shorts and a t-shirt were a fashion statement. So miracles happen, but not often, and not forever. The writing is on the wall, as well as in the financial pages, that those days are over.
Billabong today anounced that it had begun exclusive talks with one of its takeover bidders, ex-head of its North American division, Paul Naude, and his backers, Sycamore Partners. The move is a sign that the Billabong saga is finally drawing to a close. The deal, if it holds, will see Naude acquire the beleaguered company for $0.60 a share valuing Billabong at just $287 million, a paltry sum for a once-mighty company worth $5 billion only five years ago.
It was the defining moment of the Quiksilver Pro final: Joel Parkinson, standing tall in a clean Kirra barrel, sticking his middle finger up at Kelly Slater who was just about to drop in on him.
Of course the photo has a back story...
