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KMD Brands

From Wikipedia, the free encyclopedia

KMD Brands
FormerlyKathmandu Holdings
Company typePublic
NZX: KMD
ASX: KMD
IndustryRetail
Founded1987 in Christchurch, New Zealand
FoundersJan Cameron
John Pawson
Headquarters
Christchurch
,
New Zealand
Area served
New Zealand, Australia, United States, United Kingdom
Key people
Megan Welch (CEO)
David Kirk (Chairman)
ProductsOutdoor and travel apparel, gear and accessories
RevenueNZ$923 million (2021)
NZ$114 million (2021)
Number of employees
1,144 full-time equivalent
SubsidiariesKathmandu
Oboz
Rip Curl
Websitewww.kmdbrands.com

KMD Brands, formerly Kathmandu Holdings, is a global outdoor, lifestyle and sports company consisting of three brands: Kathmandu, Rip Curl and Oboz. Kathmandu was founded in 1987 in New Zealand and specialises in clothing and equipment for travel and the outdoors. Oboz, part of the group since 2018, is based in North America and designs wilderness footwear. Rip Curl, acquired in 2019, is a global surf brand founded in Bells Beach, Australia in 1969.

History

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Kathmandu outlet in Christchurch

Kathmandu was founded by John Pawson[1][2][3] and Jan Cameron in 1987 following their sale of the ALP Sports Clothing label. The company set up its first retail outlets in Australia, whilst manufacturing most of its original clothing range in New Zealand. Bernard Wicht, owner of Alpine Accoutrements, had been the main manufacturer for ALP Sports but continued to manufacture for Kathmandu and also partnered with Penny Hazard to set up the Bivouac chain of stores in New Zealand. In 1992 Kathmandu, having established a strong operation in Australia (with stores in Sydney, Melbourne, Brisbane and Canberra) re-entered the New Zealand retail marketplace, purchasing Alps Sports from its receivers and brought in Bernard Wicht to join John Pawson and Jan Cameron as a third shareholder.[citation needed]

In 2006, Quadrant Private Equity bought the company for NZ$275 million, after Cameron had previously sold half of her business. Wicht was the owner of both the Fairydown and Macpac brands until 2015.[4]

Kathmandu was listed on the Australian and New Zealand stock exchanges in November 2009.[5] From 2017 to 2019, Kathmandu had naming rights for the Coast to Coast race in New Zealand.[6][7]

Kathmandu announced the purchase of Oboz Footwear in March 2018.[8] Oboz is an outdoor footwear brand based in Montana, U.S.[9] Its marketing stresses sustainability and product innovation, such as through its support for like Trees for the Future and Small Woods, which both advocate for sustainable forestry.[10][11]

In February 2019, Kathmandu launched a series with National Geographic, called Eco Traveller, which focuses on eco-friendly travel and sustainable tourism. Eco Traveller is hosted by Nick Saxon from National Geographic.[12]

In October 2019, Kathmandu announced it would buy 100% of Australian surf brand Rip Curl for A$350m.[13]

In March 2022, Kathmandu Holdings was rebranded KMD Brands.[14]

Wage subsidy controversy

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Like other businesses operating in New Zealand, Kathmandu received sizeable financial support from the New Zealand government in the form of wage subsidies for its employees across New Zealand. This was part of a wider policy of economic stimulus for large and small businesses following the COVID-19 outbreak and the resulting downturn in the economy. As part of this programme, Kathmandu Group received $6.2 million from New Zealand taxpayers in 2020. However, despite subsequently posting a profit of NZ $31.5 million, Kathmandu management refused to repay the funds even though the company had enjoyed a profitable year.[15] This decision was condemned on both sides of the political spectrum in New Zealand with the two major parties describing it as unfair.[16] Kathmandu's decision was also labelled as an example of the "waste" and "fraud" in the wage subsidy scheme treasury had earlier warned of.[15]

See also

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References

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  1. ^ "Man killed on mountain co-founder of Kathmandu". The Southland Times. 29 November 2008.
  2. ^ Haggart, Matthew (4 December 2008). "Funeral for Kathmandu founder". Otago Daily Times.
  3. ^ Shepheard, Nicola (30 November 2008). "Tragedy ends 'a great day'". New Zealand Herald.
  4. ^ Dann, Liam (15 September 2006). "Kathmandu clothing founder quits business for $275m". New Zealand Herald. Retrieved 8 October 2011.
  5. ^ Slade, Maria (11 November 2009). "Aussies Kathmandu, Kiwis Kathmandon't". New Zealand Herald. Retrieved 8 October 2011.
  6. ^ Smith, Tony (13 April 2016). "Coast to Coast race gets major new backer after apparel company signs a three-year naming rights deal". The Press. Retrieved 14 February 2017.
  7. ^ "Kathmandu Coast to Coast". Kathmandu. Retrieved 21 November 2017.
  8. ^ Reed, Emily (21 March 2018). "So Aussie Retailer Kathmandu Is Buying Oboz. What's Next?". Outside Online. Retrieved 3 May 2018.
  9. ^ "Oboz – Our Story". Oboz Footwear. Retrieved 3 May 2018.
  10. ^ "Hawthorn Project". Small Woods. Retrieved 27 February 2019.
  11. ^ "Oboz". trees.org. Retrieved 27 February 2019.
  12. ^ "Nat Geo & Kathmandu Launch Global Series On Eco-Tourism". B&T. 7 February 2019. Retrieved 7 February 2019.
  13. ^ "Acquisition of Rip Curl and Equity Raising". New Zealand Stock Exchange. NZX. Retrieved 1 October 2019.
  14. ^ KMD changes name to reflect the group's vision KMD Brands 17 March 2022
  15. ^ a b Fleming, Zac (28 November 2020). "Finance Minister Grant Robertson was warned removing wage subsidy cap risked 'waste, fraud'". Newshub. Retrieved 1 December 2020.
  16. ^ "'Morally wrong' – Party leaders at loggerheads over abuse of Covid-19 wage subsidy scheme by companies". One News. TVNZ. 30 September 2020. Retrieved 1 December 2020.
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