KMD Brands Limited (KMD, Group), the parent of the Rip Curl, Kathmandu and Oboz businesses worldwide, put media on notice on Monday, March 16, regarding recent speculation about the company’s move to engage Goldman Sachs. Then the company clarified that it knows exactly what it is doing, confirming in ASX (Australia Stock Exchange) and NZX (New Zealand Exchange) announcements that Goldman Sachs has indeed been engaged to assist the Group with its “treasury and capital management strategy as part of an ongoing review of funding options.”

Some media reports had indicated that KMD was reportedly negotiating with a lender syndicate led by Commonwealth Bank and Westpac.

The company reminded the market that, as reported on February 2, 2026, the Group was already in discussions with lenders regarding the refinancing of its long-term debt facilities.

“No decision has been made by the Group to undertake any recapitalization initiatives nor have the terms of any refinancing been agreed,” the company said in the ASX and NZX announcements.

The Group said on February 2 that it expected net debt at January 31, 2026, to be in the range of $85 million to $90 million, compared to NZ$76.2 million in H1 2025, which was said to be impacted by the weakening of the NZ dollar year-over-year.

KMD further reported on February 2 that sales trends had remained positive in the YTD period (through December 25), growing 7.9 percent year-over-year, and remained consistent with the first-quarter trading update provided at its Annual Meeting on November 19, 2025.

The total sales result was said to be driven by growth in the direct-to-consumer (DTC) channel, especially for Kathmandu over the Black Friday and Christmas holiday trading periods. For additional coverage of the company’s five-month year-to-date results and other KMB Brands coverage, see SGB Executive articles linked at the bottom of this report.

KMD Brands said it will continue to keep the market informed in accordance with its continuous disclosure obligations.

The announcement was authorized for release to the NZX and ASX by the Board of Directors of KMD Brands Limited.

Image courtesy Rip Curl

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