this is what is wrong with the surf industry

thebeard's picture
thebeard started the topic in Monday, 15 Dec 2014 at 1:18pm

http://www.afr.com/p/business/companies/janchor_explains_why_surfstitch_...

"Hong Kong-based fund manager John Ho is the first to admit he knows nothing about surfing..."

Sure the times of "by surfers, for surfers" is long gone, but compensating European losses by buying crap products online isn't the way forward, is it? ("Large losses in Europe outweighed profits from Australia and it was starved of capital under Billabong’s control")

Interested to hear your views on stuff like this.

wingnut2443's picture
wingnut2443's picture
wingnut2443 commented Thursday, 25 Dec 2014 at 5:05am

It is an interesting play for a few investment funds.

The Directors and Founders have, naturally, some substantial investments in the company and Quest Asset Partners have taken a substantial (5%) interest too. Have a look here at the documents filed for all the details:

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=SRF

Quest got in at $0.75 per share (or thereabouts), so have made about 20cps, or 26% ... on 10,859, 413 shares, that's a cool $2,171,882 ... not a bad early ROI.

On a personal note, having ordered some FCS fin wallets from them a week ago I can say the transaction was smooth, easy and seamless. From the website layout, through checkout to process updates and items arriving days later it was a good experience. VERY different to past experience, some time ago when it was all under Billabong control ...

Interesting side note - none of the local (southern gold coast) surfshops stocked the fin wallets. So, having found them online, I was happy to buy and test the "new" surfstitch ... another win for online shopping and another nail in the coffin for traditional retailing?

Surfboard Design and Construction Kook. Evidence is here: www.ffwsurfboards.com.au
*FFW - Few Fun Waves ... that's what it's all about for me.