KMD Brands Limited, owner of the Rip Curl, Oboz and Mathmandu brands, reports that Brooke Farris has given notice of her resignation as Rip Curl brand CEO.
“Brooke has been dedicated to the success of Rip Curl for 14 years,” offered KMD Brands Group CEO Michael Daly. “As CEO, she has achieved record sales and grown the women’s business significantly. Brooke leaves Rip Curl well positioned for its next phase. We wish her all the very best.”
“After 14 years at Rip Curl, and over three of those in the CEO role, the time feels right for a break and new opportunities,“ Farris said. “It has been an honour to lead this iconic brand, and I’m confident Rip Curl will continue to be the ultimate surfing company.”
The company said Daly would act as interim Rip Curl CEO during the transition, but the Farris move comes just two weeks after Daly gave his notice to the Board of his resignation after serving as Group CEO since May 2021. Prior, Daly was said to have been an integral part of the Rip Curl business for over 22 years. KMD Brands Limited has appointed former Nike executive Brent Scrimshaw as its new group CEO.
Rip Curl had a tough fiscal year for the 12-month period ended July 31. Sales fell 7.3 percent year-over-year, with wholesale sales falling 13 percent for the year. Rip Curl sales appeared to be making progress, declining 2.4 percent in the fourth quarter after falling 9.2 percent in the first half and 7.6 percent in Q3. Still, Rip Curl outperformed the other brands in the KMD portfolio. Rip Curl’s fiscal 2024 EBIT fell nearly 36 percent year-over-year.
The company said an external global search has commenced for a replacement for Farris.
Image courtesy Rip Curl
