While surfers cry out for endless summer, for surfwear company Billabong International Ltd., it looks like the sun is going to slowly but surely set.
For the Australian surfwear brand, losses of $760 million accompanied a fall in market share by three times its former worth. While the last fiscal year showed staggering losses at around $247 million, Billabong still lost more than the $490 million the brand was projected lose.
Even at home, the Gold Coast company struggled to rally support with its consumer base, losing out within its own market as warm weather crowded out possible winter apparel sales.
The company's combined brands were worth around $550 million at the end of 2011, but have shrunk to a crippling $81 million at the end of June, causing the company to state that the "Billabong brand itself was worthless."
[via Business of Fashion]