Quiksilver ready to shed all non-core businesses

The Quiksilver Group announced earlier this week

plans to follow the dispossession and exit of all other non-core business in order to focus on developing and improving the company's main brands.

The group revealed it would be pulling out its investments in online site Surfdrome, which offers 900 action sport brands and shops to 50 countries, selling off Hawk Designs, which was developed around the image of pro-skateboarder Tony Hawk and unloading its surfwear brand Maui and Sons. The group also shared plans to phase out the underwear and accessories brand Moskova, which it founded in 2009.

This announcement comes after the group completed the sale of its snowboarding subsidiary company, Mervin Manufacturing, which includes the brands Gnu and Lib Tech last month. Andy Mooney, president and CEO of the Quiksilver Group who joined the company earlier this year, is spearheading Profit improvement plan, which aims to turn the Group's main focus on the its core brands, Quiksilver, Roxy and DC Shoes.

Mooney commented: “Divesting Mervin and the other non-core businesses will allow management to focus on expanding our three core brands - Roxy, and DC Shoes– along with driving additional operational efficiencies.”

The Group also revealed it has purchases all the remaining minority interest in its joint ventures in Mexico and Brazil, assuming hundred percent ownership of company operations in both countries and news that the company had entered a 60 million euro European credit facility with Eurofactor, to “enhance financial flexibility and add greater stability” to it European operations.

“These transactions represent additional milestones in executing our multi-year profit improvement plan,” said Mooney.