I think you (alleged) old farts and you (so you allege) young cool guys both have an imperfect view of the competition. It is much bigger than you probably think.
I googled "coolest surf clothing" and came up with this from just one site, Shredhead, a British online retailer, based in Kent where there are not a lot of waves. This is the sidebar:
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Alpinestars
Animal
Animal Ladies
Billabong
Billabong Girl
Breo
Element
Enjoi
Fox Racing
Globe
Hurley
Ignite
Iron Fist
Lost
Metal Mulisha
O'Neill
O'Neill Ladies
Protest
Quiksilver
Reef
Rip Curl Girl
Rip Curl
Roxy
Rusty
Sanuk
Vans
Volcom
Santa Cruz
Hot Tuna
Go Pro Be A Hero
The Realm
Cult Industries
Dakine
Oxbow
Gotcha
Headworx
Kustom
Shredhead
Notice they even have their own brand.
Now imagine how much competition there is in Malibu (e.g.). Don't even try to google Californian surf clothing. It's enormous. You simply will not find it all on one google: you would have to go into many much smaller and tighter searches to get it all.
Many posters here are debating the value of the BBG brand. This ignores the possibility that the brand may have value but the distribution network (i.e. BBG minus the brand) may be worth not so much.
Brands are often traded between owners. A valuable brand says nothing about the value of the owner, which is merely an asset of the owner.
A better question is who will own the Billabong brands in one year (or two)?
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