From massive overhauls at some of the largest brands in surf to the up-and-coming entrants shaking things up, 2024 was all about transformation in the surf industry.
These were the major themes that emerged from another fast-paced year.
Leadership Changes
Brands large and small brought in fresh faces to their leadership teams in 2024.
After becoming Tilly’s interim CEO in January, for example, the “interim” was removed from Founder and Board Chair Hezy Shaked’s job title in September. And Rip Curl’s search for a new CEO is still underway after former CEO Brooke Farris resigned after three years. That announcement came nearly two weeks after Rip Curl’s parent company KMD announced that its CEO Michael Daly, a longtime Rip Curl veteran, also resigned.
Other notable CEOs who were appointed this year include:
- Brixton CEO Seth Ellison.
- Firewire CEO Dylan Slater also took on the CEO role at sister company Outerknown.
- Former CEO Daniel Neukomm returned to La Jolla Group.
- Veteran Elliott Hill returned to Nike.
- Stance CEO Dave Tichiaz replaced John Wilson, who moved to an advisory role.
- Elevate Outdoor Collective CEO Josee Larocque replaced John Colonna.
Longtime Quiksilver and Boardriders top executive Greg Healy, who had joined Liberated Brands, stepped down from his role as CEO of APAC, and veteran sales powerhouse Tom Ruiz was named GM of Seager.
The Impact of Boardriders’ Licensing Model, Authentic Pulls Licenses
After Authentic acquired the former Boardriders brands in September 2023 for $1.2 billion, it wasn’t yet clear what the impact of those brands switching to a licensing model would be.
In 2024, we found out.
Those impacts included:
- More than 400 layoffs at Boardriders.
- Deep discounting of inventory.
- Late shipments
- New licensing partners around the world such as Beaumanoir in Europe, DISI in China, and Brandworks in the U.S. and Canada.
But the biggest story to come out of the new licensing model happened recently, when Authentic Brands pulled brand licenses previously held by Liberated Brands and granted them to new operators.
“These partners will bring necessary investments in product innovation, marketing, and strengthening relationships with specialty customers and retailers while delivering exceptional experiences to consumers,” said David Brooks, Authentic EVP action and outdoor sports.
The impacts on the market of Authentic owning the industry’s biggest brands are likely to continue for years to come.
Sweeping Changes at VF Corp.
VF Corporation and its portfolio of brands including Vans, The North Face, Dickies, and more, was already in transformation mode through 2023, but those efforts continued into 2024 as the company works to return to growth.
Those efforts included the sale of the Supreme brand to pay down debt. There were also leadership changes at Vans – which continues to struggle but is showing improvement – The North Face, and Dickies. Kevin Bailey, the longtime Vans and VF Corp. executive, exited VF after more than 20 years. And Dickies is moving its longtime Fort Worth headquarters to California.
This fall, VF CEO Bracken Darrell outlined how the company planned to return to growth in 2025 at an Investor Day presentation, which he said will include more cost-cutting. In November, S&P Global Ratings downgraded VF Corp.’s credit rating to junk status.
Brands On the Upswing
While many more established brands in the surf industry work to return to growth, there were several brands that caught our attention and performed well this year.
Those brands include:
- Apparel company Sendero Provisions.
- Apparel company Free Fly.
- Beach chair makers ParkIT.
- Medium-sized brands such as Rhythm, Salty Crew, Katin, and others.
Ownership Changes at Well-Known Brands
In addition to transformation and new beginnings, several brands acquired new owners in 2024.
After we reported that Sole Tech was winding down after selling its brands to the Nidecker Group in May, industry veterans weighed in on the company’s legacy.
Former Salt Life President Jeff Stillwell told us that the profitable brand was “collateral damage” after its parent company Delta Apparel filed for bankruptcy and Salt life was sold to Iconix. Approximately 250 employees lost their jobs and the brand will transform into a licensing model.
