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AAP
AAP
Derek Rose

Rip Curl owner plans store cutbacks in turnaround plan

Rip Curl KMD KMD Brands Kathmandu David Mariuz
Rip Curl outlets are planned for the Mediterranean coasts of Italy, Spain and France. (Jason O'BRIEN/AAP PHOTOS)

Kathmandu and Rip Curl owner KMD Brands will close at least 21 stores and has replaced some key executives as part a transformation strategy that includes cutting $25 million in annual costs.

The dual-listed company, which also owns the Oboz Footwear brand, said it was reviewing its global portfolio of more than 328 company-owned Kathmandu and Rip Curl stores and had already identified 21 for closure.

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