Revealing a sense of pragmatism about the task ahead, Billabong Group last week offloaded Tigerlily, the most profitable small brand in its portfolio, for $60 million to private equity firm Crescent Capital, making over $54 million on the business it bought in 2007.

Calling the current portfolio “too complex and too difficult for investors to follow”, Billabong CEO Neil Fiske said the Tigerlily sale signalled a new focus on fewer, bigger and more global brands going forward.

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