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Billabong acquires retail operations of Quiet Flight
12
Jun '08
Billabong International Limited announced completion of an agreement to acquire the retail operations of Quiet Flight, one of the Billabong Group's key retail partners in the United States.

Quiet Flight is a leading US east coast retailer and the operator of 13 stores, including the flagship Billabong and Element retail stores in New York.

Billabong International Limited Chief Executive Officer Derek O'Neill said Quiet Flight's experienced retail management team is being retained as part of the transaction.

“Quiet Flight's founder, Ed Leasure, opened his first surf shop at Cocoa Beach in Florida in 1972 and he has been doing business with Billabong over several decades,” said Mr O'Neill.

“Ed has been a great support to our US east coast business and we cemented our relationship with him in 2005 when he opened a licensed Billabong store and a neighbouring Element store in the middle of Times Square, New York.

“Through that partnership we have strengthened our business relationship and gained a shared understanding of the value in working together.”

Ed Leasure, Quiet Flight's president, said the sale allowed him to formalise a growing relationship with the Billabong Group.

“I've been working so closely with Billabong in recent years, particularly through the New York flagship stores, and this further formalizes the association,” said Mr Leasure.

“I've been involved in surf retailing for a very long time andseen the industry grow. I feel there are still tremendous opportunities to be realised by continuing to work together with the Billabong Group.”


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