Iconic Australian surfwear brand Mambo has been bought by a US-based private investment firm, Saban Brands, for an undisclosed sum.
Mambo joins labels Paul Frank and Macbeth. Saban hopes its investment will boost international growth and recognition.
Angus Kingsmill and The Nervous Investor Group consortium acquired Mambo from Gazal for around $10 million in 2008, it has recorded a 1000% growth, reviving a brand on the edge of extinction.
Kingsmill’s rebuild saw the retailer branch into the US, Britain and India, develop a new licensing model, widen product availability to department and surf stores and launch an online store. Kingsmill will stay with the company following the acquisition.
He says the partnership will “provide a platform for talented Australian and international artists to showcase amazing wearable art to a global audience on a scale much greater than ever before.”
The company, which celebrated 30 years, is famous for working its flatulent dog trumpet design by artist and musician Reg Mombassa.
A Mambo exhibition, 30 Years of Shelf Indulgence Exhibition, is currently on dat the National Gallery of Victoria, until February 22.
Mambo describes the collection of works as “mildly offensive yet completely insane”.
“A huge, visual archive of some of our greatest, and worst, creations that we feel really sum up our history.”
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