Iconic Australian surfwear brand Mambo has been purchased by US clothing group Saban Brands.
Mambo was founded in Sydney in 1984 by Dare Jennings and Andrew Rich. The brand developed a cult following thanks to its irreverent and colourful designs by artists such as Reg Mombassa, former guitarist for Aussie band Mental as Anything.
Mambo also designed the Australian Olympic team's uniforms for the 2000 Sydney Olympics.
The surfwear brand was bought by listed clothing retailer Gazal Corporation Limited (ASX: GZL) in 2001, before being sold to a consortium in 2008.
Saban says it plans to expand the Mambo brand both here in Australia and internationally. Dan Castle, managing director of Saban strategic business development added, "As an Australian brand with a unique art-driven aesthetic, Mambo will play a significant role in our international growth strategy both in Australia and around the world."
Mambo clothing and accessories are currently sold through Myer Holdings Ltd (ASX: MYR) department stores, Woolworths Limited's (ASX: WOW) Big W, City Beach, Surfstich Group Ltd (ASX: SRF), Mambo Coffee & Tees and online.
Saban will be hoping to have more success than fellow surfwear retailer Billabong International Limited (ASX: BBG), which is still struggling to turn around its business.
