It's official : Hurley will no longer be Nike by December (the month in which the transaction will be completed). That's what we learned today officially.
Hurley had been bought out by Nike to its founder Bob Hurley in 2002 by the American swoosh. Specialized in action sports, including surfing, Hurley managed to build a remarkable surf team with, among others, Julian Wilson, Carissa Moore, Michel Bourez or Kolohe Andino. The story will have lasted 17 years.
"We appreciate the way Bob and the Hurley team have shaped the brand to become one of the most innovative surf brands in the world", said Michael Spillane, president of categories and products at Nike.
"As we make increasingly targeted investments and focus growth through the Nike Consumer Direct offensive, this change of ownership will allow Hurley to grow and invest more in line with its growth potential." .
From now on, the brand of surf is about to pass in the hands of the American firm Bluestar Alliance LLC, founded in 2006 by Joseph Gabbay and Ralph Gindi. Since the company's inception, the firm selects only brands with in-store sales exceeding $ 3 billion in 2019.
"We have always admired the Hurley brand, which has retained its leading role and high-end positioning in the world of surfing"said Joey Gabbay, CEO of Bluestar Alliance. "This is an innovative acquisition for Bluestar, as Hurley's global footprint will strengthen Bluestar's reach around the world. We look forward to leveraging the existing Hurley network and expanding to other countries through the close relationships that already exist within the Bluestar brand portfolio. We see Hurley continue to evolve into a 360-degree lifestyle brand, with action sports playing a key role".
Bluestar Alliance Already has a large portfolio of consumer brands among which we find Baby, Tahari, Kensie, Limited Too, Brookstone, Nanette Lepore, Catherine Malandrino, Joan Vass or English Laundry.
To this sale is added the resignation of the CEO of Nike, Mark Parker. A resignation scheduled for January 2020. John Donahoe, current president and CEO of ServiceNow Inc.. and president of PayPal holding companywill take the lead of the American multinational. The price of the transaction was not disclosed.