Management 481 - Company Analysis
by
Ben Conte
Katarina DiRosa
Astan Drave
Jessica Evanick
Section I: Overview
I-A. Name of Company
Quiksilver Inc, Co.
I-B. Principal Industry in Which the Company Competes. Use the NAICS Classification.
The principal industries that Quiksilver Inc, Co. competes in are Sporting and Athletic
Goods Manufacturing, Women’s, Girls’ and Infants’ Cut and Sew Apparel Manufacturing,
Men’s and Boys’ Cut and Sew Apparel Manufacturing (Hoover’s).
I-C. Principal Products/Services Provided by the Company.
Quiksilver has 3 different brands that provide products for their consumers, Quiksilver,
Roxy, and DC. Quiksilver is centered on surf and action sports. It provides men’s and boy’s
apparel, shoes, and accessories while also offering snow and surf gear. Roxy is a brand that
appeals to females that have an interest in action sports such as surfing and snow sports. This
brand provides apparel, swimwear, accessories, shoes, snow and surf apparel, as well as fitness
wear. DC provides Quiksilver with the ability to reach consumers who are involved in
skateboarding, snowboard, and motocross sports. This brand primarily focuses on shoes for men,
women, and children but also provides clothing, accessories, and snow apparel for consumers.
I-D . Principal Competitors in Each Industry (4-6 competitors).
Quiksilver’s principal competitors are Billabong, Ripcurl, and Volcom. Billabong has a
wide global presence like Quiksilver and with each other for the presence in surf and other water
activities. Ripcurl is another company that has markets worldwide. Their “Snow” collection is
what makes them a competitor against Quiksilver. Volcom has a strong presence in the
skateboard loving markets which makes them a competitors for Quiksilver as well.
I-E. Market Share of the Company and Each of the Above Noted Competitors.
As seen in Chart 1 in the Appendix, Quiksilver holds almost 50% of the market share
compared to the competitors Billabong, Ripcurl, and Volcom (Company Overview). This makes
them the leader in action sports apparel and gives them a big advantage when competing in their
industry. Billabong is their main competitor because it is not that far behind in market share so
Quiksilver should watch Billabong’s progress in order to maintain their lead in the industry.
I-F. Industry Trend: Is the Industry Growing/Expanding, Stable, orSshrinking?
Quiksilver is competing in a highly aggressive market. The company’s global presence
makes it even more vulnerable to the international retailers, distributors, and manufacturers.
Since there are many large companies in the apparel industry that have succeeded in making a
recognizable name for themselves, it is important that Quiksilver does the same. The industry is
growing because of the overwhelming presence of e-commerce (Quiksilver, Inc. SWOT
Analysis). It is easier for consumers to purchase from a company in any region of the world,
which puts Quiksilver in competition with many more companies. Quiksilver’s size could
negatively affect the company during this growth in their industry because many of their
competitors are much larger than them. In order to keep up the company must stay up to date on
the quickly changing e-commerce presence.
I-G. Challenges: List the 2-3 major issues/challenges facing the industry.
Increased labor costs is one of the major challenges that all companies in the apparel
industry are facing. US government regulations, including overtime and minimum wage, are
only getting stricter as time goes on which makes it difficult for these companies to continue to
do business in America. Minimum wage has increased from $5.15 per hour in 1998 to $7.25 per
hour in 2010 (Quiksilver, Inc. SWOT Analysis). In these past 12 years, apparel companies have
seen an increase in operating costs while watching their profits sink. Labor costs are making it
difficult for companies to stay in the US, which means they have to take the risk of entering into
new foreign markets.
Another challenge for this industry is the threat of counterfeit goods. Throughout the
world and with the help of the internet, low quality rip offs of noted brands have been sold to
customers looking for a lower cost product. This not only takes away from apparel companies’
sales, but also hurts the brand’s image. Consumers may not know these products are illegitimate
and may assume that the company makes faulty products (Quiksilver, Inc. SWOT Analysis).
I-H. Opportunities: Identify the 2-3 Potential Opportunities for this Industry.
E-commerce is rapidly growing, especially for retail companies. It’s a popular way to
reach many markets because it’s fast, easy, and most importantly, inexpensive. Sales from US
online retailers have increased about 63% from 2009 to 2012 (Quiksilver, Inc. SWOT Analysis).
This shows the enormous opportunity these companies have by increasing their online presence.
Without an e-commerce presence, companies will not be able to compete in the future because of
the rising competition in the industry. These companies are no longer just competing on a
national or regional level but now because of the growth of the Internet, they are forced to
compete with companies around the world. This means that it is essential for a strong online
channel to provide them with the tools to compete in the apparel industry. This will benefit the
company by increasing sales and reaching many target markets that they could not before.
Globalization is also a potential opportunity for this industry. It is much easier to expand
a company to foreign countries than it was in the past. This will help the company reach target
markets that the company did not know about before. The Internet and e-commerce makes this
movement less risky and also necessary. The world is becoming completely integrated and it
would benefit apparel companies to do the same. Whether the company knows it or not, they are
already competing with foreign companies because of online shopping, this means they need to
become global in order to successfully compete and expand the company.
Section II: Financial Analysis
II-A. Gross Revenue of the Company.
Quicksilver’s gross revenue performance is $1.39 billion ending July 31, 2013. Although
it is currently earning greater revenue than its competitors, Quicksilver’s individual performance
has been lower in the past three years. This number represents the total amount of income before
expense deductibles are accounted for.
II-B. Gross Revenue of the total industry.
According to Lewis, a sample of 392 skate and surf retail stores were surveyed
throughout the country and reported $6.24 billion in sales. This is a 14% decrease from a
previously recorded year of $7.22 billion in 2008. As a general trend, the market is slowly
weakening due to multiple factors such as: the overall decline of the global economy, cutting
sponsorships, and the nature of products’ life cycle. Furthermore, customers will buy one to two
boards, helmets, wetsuits etc. every couple of years. These high price point items are meant to
last multiple years, so they are not purchased frequently.
II-C. Gross Revenue for the 3 major competitors of the Company
Billabong is currently earning gross revenue of $1.35 billion, which is closely trailing
Quicksilver. Another primary source of competition comes from Volcom, which totaled a gross
revenue of $3.23 million. The third major competitor, Ripcurl, is a privately traded company, so
there is no public access to their financial information and we cannot do an in-depth comparison.
II-D. Profit Margins for the Company and Primary Competitors.
The gross profit margin is useful when assessing a company with various product lines, it
can identify which ones are most profitable and which ones should be discontinued. However,
this is not an absolute figure: for example, it does not calculate indirect expenses such as utilities,
payroll, rent, or insurance. Quiksilver’s profit margin is 49%
II-E. Trend: Chart the Company’s Revenue, Profits and Stock Price Reported for the
Previous 36 Months.
Refer to Chart 2 in the Appendix. This shows Quiksilver’s stock price has doubled since
January of 2011. Within the current year alone it has shown significant signs of improvement
and promise for its future performance. The revenue stream for the past 3 years has steadily
increased, as seen in Chart 3.
II-F. Other Financial Indicators: Chart Additional Comparative Data.
This positive trend is also true on an international scale, which indicates Quiksilver’s
growth. This is shown in Chart 4.
Section III: Bases of Competition
III-A. Principal Bases on which Firms in this Industry Compete, e.g. Price, Brand, etc.
Many firms have different ways to compete in the industry. For example, Quiksilver uses price
penetration when they are selling their wet suits because the price of their wet suits are below
billabong which is one of their competitors. And they use price skimming when selling their
jackets which are priced above their competitors’ items. In one hand, Quiksilver is using price
penetration so that they can rapidly penetrate the market to prevent their competitors from
becoming more successful than them. On the other hand, the company is using price skimming
on some of their items to recover from their lost profits when they were doing price penetration.
The price below will show Quiksilver pricing method compared to their competitor Billabong.
Quiksilver
Price
Billabong
Price
Wet Suits
$61.99-$234.95
Wet Suits
$95.78-$459.50
Jackets
$99.95$-$549.95
Jackets
$175.00-$280.00
Quiksilver develops brands that represent a casual lifestyle driven from a board riding
heritage (Quiksilver.com). It’s the name of a family of the brands. The company provides
different brands such as Roxy which is gear toward female sport clothes and DC which is a
skateboarding brand. And for Billabong the two most important brands are Von Zipper and
Element.
III-B. Competitive Advantages of the Company and Principal Competitors.
In May of this year, Quiksilver profit has impressively improved which allowed the
company to turn around its revenue that had not been growing since 2007. The improve success
of the company was due to the hiring of their new CEO Andrew Mooney and the change of their
business strategy such as eliminating products that were no longer making them any profits and
reducing their SG&A costs (Seeking Alpha 2013). Now the company is able to refocus on their
core business unlike their competitors Billabong that has not yet figure out what work best for
them, and it is a risk of a sale even though they made changes such as replacing their chief
executive and closing some of their stores. When comparing these two companies, we can
conclude that Quiksilver is able to reach their customers easily and they have a clear vision on
where their company is headed. To represent their brands, Quiksilver has lot of celebrity
spokespeople and they are making they keep their actual image and continue to attract core
customers.
III-C. Role of Technology and Intellectual Property in this Industry
Quiksilver is in a relatively small industry of sportswear for the “extreme” athletes (surf,
snowboard, skateboard) and were one of the first companies to enter this arena in 1970’s. This
allowed them to be the first-movers in multiple aspects. The first sign of their innovativeness was
with the design of boardshorts that had two buttons as well as velcro, to assure the rider they
would be secure no matter the conditions (Quiksilver: History of firsts, 2013). They were also
the originators to produce quick-dry cotton, stretch fabric boardshorts, and even incorporate
home entertainment with videos following athletes during tours or their day to day lives. Without
the aspiration to be an industry trailblazer, both from the design and technology perspectives,
Quiksilver would not be the same company they are today.
Section IV: Logistical Management and Value Chain
IV-A. Mission of the Company.
Quiksilver Inc. claims on their company website that the mission of their company is to “become
the leading global youth apparel company.” They want to continue to focus on the roots that the
company was originally founded on which include, independence, creativity, innovation and of
course athletic activities that involve boardriding. Boardriding is used for a variety of sports such
as snowboarding, skateboarding and surfing, all of which Quiksilver aims to be involved in the
sale of apparel and gear for these sports. The brand revolves around the mindset of the current
younger generations such as individualism, passion, and courage (Quiksilver, Inc). Quiksilver
also aims to “build authentic, active brands into significant sustainable successes” (Company
Overview). The company strives to be innovative and have a strong brand awareness.
IV-B. Core Competency(ies) of the Company.
The core competencies of Quiksilver, Inc. are innovation and diversification. They focus
on becoming the first in their industry to create products that their consumers would enjoy. They
also constantly expand their range of products which helps them reach a wider range of markets.
IV-C. Inbound (Upstream) logistics and Supplier dependencies
Quiksilver Inc. heavily relies on third party manufacturers for many of their inbound
activities. Their major suppliers are located in the Far East including China, India, Korea, and
Vietnam while their smaller suppliers are located in Mexico, Turkey, Portugal and other
countries (Quiksilver, Inc. SWOT Analysis). Manufacturers standards are held very high because
they play a huge role in the production of the company’s product. One mistake from these
suppliers could cost Quiksilver a lot of money while also hurting the brand of the company.
Quiksilver must rely on the manufacturers to uphold their mission of quality products in order to
compete in their industry and retain loyal customers.
IV-D. Outbound (Downstream) Logistics and Principal Distribution Channels of the
Company
Unlike their suppliers, Quiksilver’s strong distribution network benefits the company by
reaching a wider consumer market. Their merchandise is sold in almost 48,000 store locations
throughout the Americas, Europe and Asia. Quiksilver and Roxy are the 2 stores owned by
Quiksilver, Inc. They carry their products and are located in shopping malls, outlets, and many
densely populated cities. Other retail chains that carry their products include, Zumiez, Tilly’s,
Famous Footwear, and Journeys. These are US stores whose brands are closely associated with
Quiksilver’s by being specialty stores for people with active and adventurous lifestyles. Some
foreign distributors that also fit this image are Go Sport, Intersport, Sport 2000, City Beach and
Murasaki Sports. The company also distributes some of its merchandise through department
stores in multiple countries, Macy’s in the US, Galeries Lafayette in France, and El Corte Ingles
in Spain. E-commerce is another form of distribution Quiksilver uses and they have seen
significant benefits from recently. In 2012, ecommerce sales totaled 5.2% of all sales, which was
increase from previous years. The company expects this to continue to grow because the amount
consumers are online shopping has increased dramatically recently (Quiksilver, Inc. SWOT
Analysis).
The multiple distribution networks allow Quiksilver to reach many consumers that they
would not have reached with just their proprietary stores. They insert their products in
convenient retailers such as surf, skate, snowboard and other specialty shops in order to make it
easier for the customers to find their brand. Since many of their competitors are also in these
shops, it would be a severe disadvantage to disregard these distributors.
IV-E. Comment on the Extent to which the Company uses each of the Following:
1. Vertical Integration
Quiksilver, Inc. is not strongly vertically integrated. They own some of the stores that they sell
their merchandise too, but most of the sales come from outside retailers. It benefits them because
they can reach a larger consumer base but there can be a negative effect. By not being vertically
integrated, the company is taking away from its core competency and they could lose control of
their brand. They also count on third party manufacturers for their inbound activities. This can
hurt the company because if the manufacturers make a mistake or cannot do their job, Quiksilver
will suffer.
2. Outsourcing
Quiksilver outsources in two major areas, manufacturing and distribution. Quiksilver outsources
much of their products to outside retailers. This allows them to reach a larger target market and
compete with their competitors. They outsource to wholesalers, specialty shops, and other
retailers that can reach their target market. Another area where they outsource is for
manufacturing. As previously mentioned, Quiksilver goes through third party manufacturers to
obtain materials to make their products. These two areas are major contributors to the company’s
success but they find it more beneficial to exclude them from their core competency by
outsourcing to other companies.
3. Offshoring
In 2003 Quiksilver created a subsidiary organization with Glorious Sun Enterprises
(Glorious Sun Enterprises Limited, 2003). This entity - “Quiksilver Glorious Sun” has all of its
attention on promoting Quiksilver in the regions of China, Hong Kong, and Macau. This
increases overseas market opportunities by using employers who are more knowledgeable of the
local market, and is more cost efficient than to do from the U.S.. Meanwhile, the parent company
of Quiksilver Inc. maintains their core competencies and reduces the possibility of wasting
resources by not knowing their target market in those areas.
Section V: Markets and Marketing
V-A. Primary Geographical Markets: Identify Geographical Markets and Level of
Business by Market
Quiksilver is known for its innovative products and retail across the globe. The company
operates in four different segments including America, Europe, Asia, and Corporate operations.
Their products are sold over 90 countries places such as surf shops, skate shops, and other highend stores. They are committed to provide an authentic retail experience for their unique
customers. Quiksilver is the number one retailer in the surfing apparel industry. The company
wants to maintain their expansion and add value to their service for the end customers.
V-B. Marketing Strategies: Identify primary marketing strategies of the Company and
competitors
The key objective of Quiksilver is to conveniently provide the consumer with outdoor
and action sports gear. The target market focuses on young-minded people that are adventurous
and have an individualistic spirit (Quiksilver.com). Starting in August 2010, Quiksilver began to
improve their marketing strategy through a “van program”. The objective is to keep their
products on hand in case a store becomes low on inventory. By doing this they will be able to
reduce the waiting time for the item to be in the stores. This will decrease the amount of missed
sales while also allowing them to produce better customer service (Business Transworld 2011).
The first van carrying merchandise was in Southern California. It was very successful so
Quiksilver expanded the program and opened another van in Florida. With the invention of the
Quiksilver van, the company is able to provide better service for their customers and in turn
increase their sales and customer satisfaction.
V-C. Product Life Cycles: Comment on the life cycle of the Company’s Primary Products
The company is at the growth stage because its revenue has been rising. Based on the
company brand, 39% of the revenue comes from Quiksilver, 33% comes from Roxy, and 23%
comes from DC Shoes. This phase is very crucial because Quiksilver has gained the acceptance
of their products in the market and they have to be able to better market their product so their
sales do not decline. This stage also allows the company to increase their market share.
Section VI: Strategic Analysis
As part of their strategic management, Quiksilver has taken various actions to reorganize
and restructure its business strategy. These measures were taken to improve their position in the
competitive market, some have proven to be more successful than others. A few of these
modifications come in the form of horizontal integration, related diversification, and strategic
alliances/joint ventures. Of these configurations it should be noted they have chosen not to utilize
the approach of unrelated diversification. How Quiksilver has chosen to use these arrangements
(or not use them) will be discussed further in depth.
VI-1. Horizontal Integration
With the opening of retail stores, high public recognizability, sponsoring of professional
athletes, among other things to establish a brand image, Quiksilver was ready to expand their
market offerings. In 1993 they horizontally integrated with the acquisition of Raisins Co. for
$4.7 million (Woodyard, Chris. 1993). In effect, the women’s swimwear industry consolidated
and Quiksilver’s core competencies increased. Over the years, Raisins operations grew with
various brands for Quiksilver, including Raisins, Raisins Girls, Leilani, and Island Soul
(Bradstreet, Kailee. 2010). Products offered from this relationship were all in the women’s swim
line and mainly comprised of bathing suits, sandals, sunglasses, and t-shirts. Unfortunately in
2010 Quiksilver went through major corporate refocusing and chose to sell the Raisins collection
to Breaking Waves International. This acquisition of Raisins Co. is the most significant,
company altering, horizontal integration Quiksilver has made as of 2013.
VI-2. Related Diversification
Quiksilver began by focusing on boardshorts for male surfers but today they offer much
more than just that to customers. As noted earlier, merchandise is available for three of the major
“extreme sport” markets: snowboarding, surfing, and skateboarding. Within each of these
categories Quiksilver has developed their core competencies to include a variety of brands in
boards, apparel, footwear, equipment, accessories, etc. This assortment of goods can be
attributed to their commitment to pursue a related diversification strategy.
In 1991 Quiksilver was looking to enter the market for women’s surf apparel. Thus, a
new venture was undertaken with the Roxy brand (Quiksilver, Inc. Timeline, 2012). Initially the
focus was on women’s swimwear but their product line has grown since that time. According to
their website, consumers are able to buy everything from bathing suits, to snow boots, to
workout videos, to skateboards (Roxy.com, 2013). This shows how Quiksilver has been able to
expand their company through the diversification of Roxy, even though it started as a new
venture rather than an acquisition or merger.
Quiksilver’s other major source of related diversification comes from DC Shoes, Inc. In
2004 DC Shoes was acquired by Quiksilver with an initial payment of $56 million plus other
agreed on criteria (Transworld Skateboarding, 2004). Quiksilver Chairman and CEO, Andrew
Mooney, stated in the Transworld Skateboarding article, “DC Shoes is a tremendous fit with our
organization from a cultural, strategic, and operational standpoint. They are a young, aggressive,
energetic company which reminds me a lot of Quiksilver. We expect to see tremendous
synergies between our teams,” this relationship brings together companies that will create mutual
benefits and allow both to grow. At the time of this purchase, DC Shoes had mainly been selling
skateboarding footwear for men, and a few products for women in the market. Currently, they
are able to supply consumers (men, women, and even children) with virtually all products in the
skateboarding industry like footwear, apparel, accessories, and skateboards (dcshoes.com, 2013).
They have also begun to sell basics for the other extreme sports of snowboarding and motocross.
As of now this only includes apparel, gloves, and eyewear. This extension of the DC Shoes line,
between the original acquisition and its growth since then, has helped Quiksilver to become more
diversified in related markets.
VI-3. Unrelated Diversification
As stated at the beginning of the section, Quiksilver has not chosen unrelated
diversification as a way to grow their brand. In a press release from earlier this year, company
CEO Mooney announced, “Our plan is designed to enhance the performance of our three
flagship brands, Quiksilver, Roxy and DC, and accelerate our path to sustained profitable
growth” (Quiksilver, Inc. Press Release, 2013). This shows their desire to focus on those three
brands, and not grow in a non-related market. Management may have also justified this decision
with the uncertainty of a learning curve that could not be overcome, the misuse and waste of
resources, and extensive financial loss in an attempt to incorporate unrelated industries.
VI-4. Strategic Alliances/Joint Venture
Quiksilver has taken part in a couple of substantial strategic alliances to mature their
business. The first was in 2000 when they teamed up with professional skateboarder, Tony
Hawk, to create the new entity of Hawk Designs Inc. (Transworld Business 2, 2000). Seeing as
how this was even before the DC Shoes acquisition, it could be said this was when they first
entered themselves as a potential threat in the skateboard-apparel market.
Then, in 2003 they linked up with Boost Mobile to generate the Quiksilver Phone by
Boost Mobile (Business Wire, 2003). In the words of then Quiksilver CEO, Bob McKnight,
“Boost Mobile’s innovative phones deliver a truly culture-driven wireless experience, and blend
perfectly with the Quiksilver lifestyle brand and action sports personality.” Thus, the two
companies joined forces for each of them to reach even more customers while maintaining their
own respective core competencies. Quiksilver would not be able to handle their own in the
mobile phone industry and Boost Mobile did not have another vehicle to specifically reach such
extreme athletes as Quiksilver has (Torquay, Victoria. 2003). With this relationship, Quiksilver
had their logo on new Boost Mobile phone models and ultimately diversified their market. In the
meantime they also took on the potential of an incompatible relationship or becoming too
dependent on the future success of this entity.
Section VII: Strategic Recommendations
VII-A. Strategic Imperatives
There are certain goals Quiksilver, Inc. must achieve for future success in the next 3-5 years:

enhance the image and strength of the core brands: Quikilver, Roxy, and DC

continue to be the leading product innovator and first-mover for new product designs

continuously strive to increase market share and operating efficiency
VII-B. Recommendations
For Quiksilver to achieve the crucial fundamentals laid out in the previous section, a set
of recommendations have been developed. To better brand awareness, they can use more social
media and email campaigns to interact with consumers and engage in two way communication.
In order to have the most advanced products, Quiksilver needs to invest more capital in the
research and design department. This may require a decrease in sponsoring current athletes and
events. As a general business guideline, maximizing share of market and improving efficiency
should always be a target. For Quiksilver, this could be done by: closing retail stores that are not
producing a profit, reducing the amount of vendors used, and hire / maintain skilled workers to
achieve economies of experience.
Appendix
Chart 1:
Chart 2:
Chart 3:
Chart 4:
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