|Sold for $607.5 million.|
and the folks at Volcom
have good reason to pop a few bottles of the Champagne region's best bubbly. On Monday, the surf, snowboard and skateboard brand reported that it had been purchased by PPR
, a French luxury and retail group.
Now, the question is how the Stone fits among some of PPR's high-end, luxury labels, including Gucci, Yves Saint Laurent and Alexander McQueen? Well, Walcott has 607,500,000 million reasons (that would be the buying price) not to give a damn.
Volcom, which uses the slogan, "Youth Against Establishment"--jeunesse contre l'establishmentje (someone check our translation!)--was started in 1991 by Wolcott, and went public in June 2005, at $19 per share. PPR purchased the brand at the price of $24.50 a share.
In a prepared statement, Wolcott called the Paris-based PPR "a perfect partner" to advance the reputation and visibility of the counter-culture brand. The only other somewhat similar brand in the PPR portfolio is Puma.
Let the "Volcom is so not core!" chants begin. Somewhere, we imagine, a t-shirt is burning.