Did you hear?… Bob Hurley sells company to Nike

The rumors that have been swirling for several weeks now were confirmed this morning as Hurley International owner and surfwear icon Bob Hurley announced he’d sold his company to — gasp — Nike. The terms of the sale were not disclosed. But in acquiring Hurley International, Nike, which has been trying for years to break into the burgeoning market for surf, skate and snowboard clothes, is picking up one of the industry’s hottest brands that last year did about $70 million in business. Insiders say the deal, through which Hurley will become a wholly-owned subsidiary of Nike, should send shockwaves through Southern California’s rather anti-establishment surf industry. Hundreds of smaller mom-and-pop sportswear firms — well, maybe beach dude and dudette firms — that have been borne and nurtured around the beach brethren of Southern California could have a more difficult time doing battle with a giant like Nike. SNEWS® View: Hurley’s and Nike’s task now will be to convince the very cliquish surf business that the brand is still a leader and relevant to the market under its new ownership. Initial reports from our eyes and ears in Southern California are mixed at present, which is a natural reaction to the sale.