Nixon, the watch-brand known in the action sports world for their creative marketing and tight distribution in core shops and eclectic fashion retailers, sold to Billabong for $54.6 million December 22, 02005. Founded by Andy Laats and Chad DiNenna, Nixon sponsored top athletes in snowboarding, skateboarding, and surfing, and took the accessories world by storm by delivering an old product—watches—with a new spin.
According to a recent press release, Billabong USA President Paul Naude said he was excited about the opportunity to work closely with the team at Nixon. “Nixon founders Andy Laats and Chad DiNenna have demonstrated their ability to establish and grow an authentic brand and the business is an excellent fit within the Billabong group.”
It is anticipated that Nixon, a youth-inspired premium watch and accessories business distributed in 30 countries, will contribute in the range of 5 to 6 percent of Billabong International’s group sales in the 02006-07 financial year.