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Volcom, part of the French luxury Group’s Sport and Lifestyle division, has sold snow goggles brand Electric through a management buyout to a group led by Eric Crane, CEO, Electric.
Effective from March 16, the transaction includes all the assets and rights to the brand.
Acquired by Volcom in 2008, Electric is a Californian premium sports and lifestyle brand that sells accessories including sunglasses, goggles, apparel and watches. Volcom was later acquired by Kering, in 2011.
In 2015, Kering disposed of another sports brand, the footwear label Tretorn to Authentic Brands Group. Speculations of Kering selling Puma continue as analysts forecast the company will focus on returns in future.
Kering bought Puma at €5.3 billion. Based on market capitalisation, the brand is now estimated to be worth less than €3 billion.