Nike has declared that it has reached an agreement for selling the Costa Mesa, which is a California based surf brand Hurley to Bluestar Alliance.
According to a statement made by Nike, the deal is relied upon to be finished in December. The terms of the transaction have not been revealed.
Nike purchased Hurley in 2002 from the founder Bob Hurley. Nike had the plan to expand the brand from athletic apparel to a broader category of sportswear. Now, rumors are also following the decision to sell the brand to Bluestar Alliance that Nike wanted to sell the brand since July.
“We appreciate how Bob and the Hurley team have built Hurley into the world’s most innovative surf brand,” said Michael Spillane, president of categories and product at Nike.
“As we drive increasingly more targeted investment and focused growth through Nike’s Consumer Direct Offense, this change in ownership will allow sharper focus and intentional investment in Hurley’s growth potential.”
“We have always admired the Hurley brand as it has maintained its leadership role and premium positioning in the surf world,” stated Joey Gabbay, CEO-Bluestar Alliance.
“This is a transformative acquisition for Bluestar as Hurley’s international footprint will enhance Bluestar’s reach around the world. We look forward to building upon the existing Hurley network and expanding to additional countries with the deep relationships that already exist within the Bluestar portfolio of brands. We see Hurley continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role.”
Hurley joins brands like Catherine Malandrino, English Laundry, Bebe, and Brookstone inside the Bluestar Alliance portfolio, among others.