Outdoor clothing company Kathmandu has bought Aussie icon Rip Curl for $350 million.
In an announcement today, Kathmandu said Rip Curl’s summer and beach focus will help the company provide ‘seasonal balance’ to their winter range.
Rip Curl was founded in Bells Beach by surfers Brian Singer and Douglas Warbrick in 1969.
There are no new plans to open any new Rip Curl stores and their products are unlikely to be sold in Kathmandu stores.
The transaction will require shareholder approval at a meeting held in Sydney on October 18 and if approved, will be completed by the end of the year.