Retail in Asia

In Sectors

Frugal shoppers, cool summer in Australia hit Quiksilver

Leading global surf, skate and snowboard apparel brand Quiksilver has warned of recession-like conditions in Australia being compounded by intense price discounting and promotions as well as a cool start to summer.

The co-founder and executive chairman of Quiksilver, Robert McKnight, told US analysts the retailer’s Australian and New Zealand businesses remained very challenging.

It is the second surfwear group in as many months to highlight the poor trading conditions circling the sector after rival Billabong sounded a similar warning earlier this year, while department stores Myer and David Jones have reportedly resorted to discounting through summer after one of the coldest starts to the season in nearly 50 years.