American multinational corporation Nike announced it has reached a definitive agreement to sell Hurley to Bluestar Alliance LLC.
Bluestar Alliance is a brand management firm founded by Joseph Gabbay and Ralph Gindi in 2006.
It owns, manages, and markets a portfolio of consumer brands including Bebe, Brookstone, Catherine Malandrino, English Laundry, Joan Vass, Kensie, Limited Too, Nanette Lepore, Tahari, and others.
In 2019, Bluestar Alliance is expecting combined retail sales of over $3 billion.
"We have always admired Hurley. It has maintained its leadership role and premium positioning in the surfing world," noted Joey Gabbay, CEO of Bluestar Alliance.
"We look forward to building upon the existing Hurley network and expanding to additional countries. We see the brand continuing to evolve into a 360-degree lifestyle brand, with action sports playing a key role."
The terms of the deal between both parties have not been publicly revealed.
In 2002, when Nike acquired Hurley, the surf company founded by Bob Hurley had annual sales of $70 million.