“Volcom has been accounted for since 2018 as discontinued operations under the requirements of IFRS 5. The disposal will not have a material impact at Group level, either in terms of net result from discontinued operations (a non-significant capital loss) or cash flow (proceeds from disposal),” Kering said in a press release.
The current Volcom management team has acquired the operating license of Volcom and will continue the development of its operations based in the US, France, Australia and Japan.
Volcom was acquired by Kering in 2011.
A global Luxury group, Kering manages the development of a series of renowned houses: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.
In 2018, Kering had nearly 35,000 employees and revenue of €13.7 billion. (RKS)
Fibre2Fashion News Desk – India