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The French luxury conglomerate is to sell sportswear brand Volcom as part of its strategy of refocussing on the luxury sector.
Acquired by Kering in 2011 for US$608 million, American label Volcom was founded in the 1990s. Its clothing, accessories and footwear ranges are distributed in 86 stores worldwide. In 2017, the brand achieved total revenue of €230 million, down from €279 million in 2015. The brand recorded a loss of €3 million in 2016 but operating profit, however, is said to be “balanced”.
"In accordance with Kering's strategy to fully dedicate itself to the development of its luxury houses, Volcom no longer constitutes a core asset and Kering has initiated a disposal process," the Group said in a statement.