Nike Reportedly Exploring Hurley Sale
Surprise registered in the surf world July 25 when Reuters published a story that athleticwear giant Nike Inc. was exploring a sale of Hurley International, which it acquired for an undisclosed amount in 2002.
The Reuters story quoted unnamed Nike sources who said that the Beaverton, Ore., sportswear company was exploring various options for the Costa Mesa, Calif.–based Hurley, which included a sale. The story did not mention how much a Hurley sale would go for.
Hurley founder Bob Hurley was considered an icon in surf. He left the company that he founded in 2015. Mark Parker, Nike’s president and chief executive, said Hurley built his self-named brand into a stellar company. “Bob is a legend in the surf and action-sports industry who grew his passion into a globally recognized brand that stands for creativity, innovation and community,” Parker said, as reported by California Apparel News in 2015.
On June 27, Nike reported its 4th-quarter revenues, which ended May 31. Revenues increased to $10.2 billion, a 4 percent increase over the same time the previous year. Reported on the same day were revenues for the fiscal year ending May 31, which were $39.1 billion.