Ann: Company Update , page-16

re: the billabong brand being downgraded by 95%

there are only a few brands in the surfing space - quicksilver, ripcurl and billabong as far as I can see.

they all originated here in Australia
quicksilver was taken over and taken to the US. the shareprice has gone from $2 to $6 in the last six months
If Billabong goes it will be a massive boost to quicksilver.

Of course americans and australians are surfers and it is part of our culture. I don't know of any Asians apart from the Japanese who are into surfing. It is not in their background.
Of course, if they have no respect for surfing culture, their buying behaviour is based on price.
To someone who is not australian, doesn't surf and shops at Lowes etc the brand appears to be worthless