Nike to sell Hurley to Bluestar Alliance
Terms of the transaction were not disclosed. The deal is expected to be completed in December, Nike said.
The decision follows rumors that Nike had been considering selling the brand since July. Nike first purchased Hurley from brand founder, Bob Hurley, in 2002 for an undisclosed sum, with plans to expand the brand beyond athletic-focused apparel into a broader category of sportswear.
"We appreciate how Bob and the Hurley team have built Hurley into the world's most innovative surf brand," said Michael Spillane, president of categories and product at Nike.
"As we drive increasingly more targeted investment and focused growth through Nike's Consumer Direct Offense, this change in ownership will allow sharper focus and intentional investment in Hurley's growth potential."
“We have always admired the Hurley brand as it has maintained its leadership role and premium positioning in the surf world,” added Joey Gabbay, CEO of Bluestar Alliance.
“This is a transformative acquisition for Bluestar as Hurley’s international footprint will enhance Bluestar’s reach around the world. We look forward to building upon the existing Hurley network and expanding to additional countries with the deep relationships that already exist within the Bluestar portfolio of brands. We see Hurley continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role.”
Hurley joins brands Catherine Malandrino, English Laundry, Bebe and Brookstone within the Bluestar Alliance portfolio, among others. Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar owns, manages, and markets a portfolio of consumer brands. The company manages a current portfolio of over 300 licensees and a branded retail platform of some 100 stores worldwide.
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