CALIDA: sale of surfwear business being negotiated
FORMING part of the 60 per cent majority stake acquired by Calida in the Lafuma group, the Oxbow surf and board wear label was said to be up for sale and to have attracted the interest of several potential buyers. This was revealed to Swiss newspaper Le Temps by Calida CFO Thomas Stocklin who confirmed that the main objective of the acquisition was the Millet Mountain brand of mountaineering and hiking apparel. Stocklin also admitted that, since Calida was quoted on the Zurich bourse, the delisting of Lafuma in Paris had been considered in order to reduce administration costs. He added that, since French law required a 95 per cent ownership for delisting, the operation could wait.
While the Millet Mountain brand may well be the more viable of the two, the Oxbow label appeared to provide more potential synergies with existing Calida labels. Which goes to show that the quasi-certainty of hard cash is preferable to the possibility of greater potential income from the exploitation of synergies.