BEAVERTON, Ore.--(BUSINESS WIRE)--NIKE, Inc. (NYSE: NKE) announced today it has reached a definitive agreement to sell the Hurley brand to Bluestar Alliance LLC. Terms of the transaction are not being disclosed and it is expected to be complete in December.
"We appreciate how Bob and the Hurley team have built Hurley into the world's most innovative surf brand," said Michael Spillane, President of Categories and Product, NIKE, Inc. "As we drive increasingly more targeted investment and focused growth through Nike's Consumer Direct Offense, this change in ownership will allow sharper focus and intentional investment in Hurley's growth potential."
“We have always admired the Hurley brand as it has maintained its leadership role and premium positioning in the surf world,” stated Joey Gabbay, CEO of Bluestar Alliance. “This is a transformative acquisition for Bluestar as Hurley’s international footprint will enhance Bluestar’s reach around the world. We look forward to building upon the existing Hurley network and expanding to additional countries with the deep relationships that already exist within the Bluestar portfolio of brands. We see Hurley continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role.”
About NIKE, Inc.
NIKE, Inc., based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiary brands include Converse, which designs, markets and distributes athletic lifestyle footwear, apparel and accessories; and Hurley, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available at http://investors.nike.com. Individuals can also visit http://news.nike.com/ and follow @Nike.
About Bluestar Alliance, LLC
Bluestar Alliance, founded in 2006 by Joseph Gabbay and Ralph Gindi, owns, manages, and markets a portfolio of consumer brands including Bebe, Tahari, Kensie, Limited Too, Brookstone, Nanette Lepore, Catherine Malandrino, Joan Vass, English Laundry and others that span across many tiers of distribution. Bluestar Alliance specializes in licensing, branding and marketing consumer brand companies through extensive relationships with leading retailers, brand licensing manufacturers and a network of media and strategic partners. Bluestar Alliance’s current international and domestic partners offer the opportunity to take a niche brand to a visible worldwide lifestyle brand. Since its inception, the company has acquired select brands with retail sales expected to exceed $3.0 billion in 2019.