KMD Brands Limited has confirmed in an ASX release today that Brooke Farris has given notice of her resignation as the CEO of Rip Curl.
KMD Brands group CEO Michael Daly said Farris has been dedicated to the success of Rip Curl for 14 years. Farris started in her role as international events and womens team manager and slowly moved her way up the ranks. She has been CEO since 2021.
“As CEO, she has achieved record sales and grown the women’s business significantly,” Daly said. “Brooke leaves Rip Curl well positioned for its next phase. We wish her all the very best.”
The resignation of Farris comes two weeks after Daly himself handed in his resignation, and is expected to step down sometime early next year amid a changeover period. Global retail leader Brent Scrimshaw will take over Daly once the changeover period ends.
In terms of sales for FY24 compared to FY23, Rip Curl was the least affected, with overall revenue dropping 7.3 per cent. Its sister subsidiaries Kathmandu and Oboz were most affected, with Kathmandu revenue down 14.5 per cent year-on-year, while Oboz sales fell by 20 per cent.
For Rip Curl, its total sales drop was down from record sales growth of 8.3 per cent last year, mostly driven by challenges in wholesale.
The surfing brand’s direct-to-consumer sales (incl. online) were down just 2.8 per cent, reflecting weakened consumer sentiment in key global markets according to KMD, with stronger results in Europe, Asia and South America, helped by store openings.
Rip Curl’s online sales were up 8.6 per cent to $37.9 million, comprising 11.9 per cent of DTC sales.
Wholesale sales were down 13 per cent, as wholesale accounts continued to reduce their inventory to manage risk in a challenging economic environment.
Farris said after 14 years, the time feels right for a break and new opportunities.
“It has been an honour to lead this iconic brand, and I'm confident Rip Curl will continue to be the ultimate surfing company."
An external global search has commenced for a replacement. Daly will act as interim Rip Curl CEO during the transition.