- Prachi Singh |
Kering has announced the completion of the sale of its US sports and lifestyle brand Volcom. The company said in a statement that the US company, Authentic Brands Group (ABG), has purchased the intellectual property rights of Volcom, effective April 1, 2019.
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. The sale follows Kering’s decision in 2018 to focus on the development of its luxury houses, establishing its status as a leading pure player in the sector.