November 27, 2013

SurfStitch Readying For IPO

There are reports that SurfStitch are getting themselves ready for an initial public offering in the near future. The online retailer, which is 51% owned by Billabong, has an annual turnover of around $80 million and in the previous financial year suffered a $7.6 million loss but only due to costs involved with expansion into Europe.

Co-founder Justin Cameron confirmed to Fairfax that they were looking at options – Billabong could be an obstacle though stating a couple of days later that an IPO isn’t something they’re looking at (but they didn’t rule it out either).

The company claims they are the biggest online retailer in the space beating out in the US and Blue Tomato in Europe. For more on the potential sale, hit the NineMSN article or The Age article.

by Dave