It’s still early days in the battle against the Covid-19 pandemic, but the impact is already rippling through the fragile surf industry.
After winning “Wetsuit of the Year” last week at the annual SIMA Image Awards in Southern California, Xcel wetsuits has been offloaded by the Boardriders Inc., parent company of Billabong and Quiksilver (among other surf brands).
Xcel was sold to Colorado-based ZG Collective for an undisclosed amount, the sale is being billed as a strategic move.
“We’ve done a lot to streamline our company over the last several years, and now are squarely focused on our growth agenda,” said David Tanner, Boardriders CEO, in a press release.
“Although Xcel is a terrific brand, it constitutes less than 1% of our global sales, so it just made sense to focus our efforts on growing our larger brands and finding a great home for Xcel,” continued Tanner. “We thank the entire Xcel team for their passion and dedication over the years and wish them the best of luck in this next phase.”
Xcel had reportedly been for sale for several years. This sale was clearly in the works for some time and does not appear to be as a direct result of the current economic outlook, but offloading it from the Boardriders’ portfolio makes a lot of sense for a lot of reasons, especially now.
At this time there’s not much else, but watch this space as further coronavirus-related fallout is sure to keep rattling the surf industry and its key players.