Quiksilver Inc. of Huntington Beach has sold its licensed apparel subsidiary, Hawk Designs Inc., to Sherman Oaks-based Cherokee Inc. for $19 million, the companies announced Monday.
Hawk Designs, which Quiksilver acquired in 2000, owns a line of clothing tied to skateboarding legend Tony Hawk. The brand is sold through Kohl's Corp., and Cherokee said that relationship would continue.
Hawk said in a statement that he "will continue to be actively involved in the brand’s development."
“The acquisition of the Tony Hawk signature apparel brand is a great way to start the new year for Cherokee,” said Henry Stupp, Cherokee’s chief executive.
Cherokee is a global marketer of fashion and lifestyle brands for apparel, accessories, luggage, cosmetics and footwear.
In addition to the Cherokee brand, the company also owns or licenses Sideout, Liz Lange, Sideout Sport, Carole Little, Saint Tropez-West, Chorus Line, All That Jazz and other brands.
Shares of Quiksilver Inc. were down 11 cents on the news to $8.20. Cherokee was down 4 cents to $14.09.
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