Nike Sells Hurley

Nike acquired Hurley from its founder Bob Hurley in 2002 and are now selling the brand to Bluestar Alliance LLC for an undisclosed fee with the deal expected to be finalized in December.

Started in 2006 by Joseph Gabbay and Ralph Gindi, Bluestar Alliance has a portfolio of consumer brands including Bebe, Tahari, Kensie, Limited Too, Brookstone, Nanette Lepore, Catherine Malandrino, Joan Vass, English Laundry.

Nike CEO CEO Mark Parker announced his exit last week, effective as of January 2020 and John Donahoe, the current president and CEO of ServiceNow Inc. and chairman of PayPal Holding, will take over Parker’s role.

The news comes as big changes are underway at the Beaverton, Ore.-based sportswear giant. Nike CEO Mark Parker announced his exit last week, effective Jan. 13, 2020. John Donahoe, the current president and CEO of ServiceNow Inc. and chairman of PayPal Holding, will step into the role.

Hurley

Bluestar Alliance’s current international and domestic partners offer the opportunity to “take a niche brand to a visible worldwide lifestyle brand”, something they’ll be aiming to do with Hurley. Since the company’s inception, Bluestar has acquired select brands with retail sales expected to exceed $3.0 billion in 2019.

Quotes from a statement from Nike: “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, NIKE, Inc. “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 of 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.”