Bonus Free Info | Surf Brands: Quiksilver, Billabong, and Volcom Go Under - Are Fly Fishing Brands Facing the Same Fate?

The Fly Box LLC
Feb 8, 2025
4 min read

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The outdoor apparel world was shaken when Liberated Brands—the parent company of Quiksilver, Billabong, and Volcom—announced its bankruptcy filing. Over 120 stores are closing, nearly 1,400 employees are out of work, and an entire generation’s surf culture nostalgia is watching its icons fade into history. Once the kings of the beach, these brands couldn’t withstand the shifting tides of retail, consumer habits, and competition from fast fashion.

But what does any of this have to do with fly fishing? More than you might think.

Two Years Ago, the Cracks Were Already Showing

This wasn’t a sudden wipeout. Two years ago, warning signs were flashing like an incoming set of stormy waves. Sales were slipping, heavy discounting was eating into profits, and once-loyal customers were aging out, leaving brands scrambling to stay relevant.

Despite experiencing a revenue increase from $350 million in 2021 to $422 million in 2022, the company faced a pre-tax loss of $12.5 million in 2024, a sharp drop from a pre-tax profit of $2.3 million just two years prior. (FashionNetwork, ReviewJournal)

And as we at The Fly Box have been covering, similar cracks are starting to form in some corners of the fly fishing industry.

Parallels in the Fly Fishing Industry

Much like surf brands, some legacy fly fishing companies are facing slowed growth and increased competition from direct-to-consumer brands. The global fly fishing apparel and accessories market, valued at $3.25 billion in 2023, is projected to grow at a modest 4.3% annually through 2030. (Grand View Research)

However, not all growth is healthy growth. Some companies are chasing short-term boosts with constant discounting, mass production, and an attempt to appeal to a broader audience—just like Quiksilver and Billabong did. Meanwhile, the brands staying true to their roots, focusing on craftsmanship, sustainability, and community, are building something that lasts.

As we have been reporting, we’re seeing a shift in what fly anglers value.

People are investing in quality, supporting conservation-minded brands, and looking for gear that performs rather than just carries a recognizable logo. The companies that adapt to these priorities will thrive. Those that don’t? Well, they might end up paddling against a very strong current.

A Bright Spot for Fly Fishing

Unlike the surf industry, which became increasingly fashion-driven and susceptible to fleeting trends, fly fishing remains deeply tied to purpose. It’s not just about the gear—it’s about the experience, the connection to water, and the conservation of our fisheries. Brands that understand this are the ones that will continue to grow.

As we’ve been covering at The Fly Box, companies that prioritize conservation efforts, durability over fast fashion, and direct relationships with their customers are the ones that will stand the test of time. Fly fishing isn’t about chasing trends; it’s about creating experiences that last a lifetime.

The Lesson: Adapt or Be Left Behind

The downfall of Quiksilver, Billabong, and Volcom isn’t just a surf industry problem—it’s a wake-up call for all outdoor brands, including those in fly fishing. The lesson is clear: adapt to the changing consumer landscape, or risk fading into irrelevance.

But here’s the good news: fly fishing has a secret weapon—authenticity. As long as brands stay true to the passion, craftsmanship, and environmental stewardship that make fly fishing what it is, they have nothing to fear. And that’s something worth holding onto, even as the tides shift.

A Complicated Hand-Off: What’s Really Happening to These Brands?

While the bankruptcy filing and store closures might suggest the end of Quiksilver, Billabong, and Volcom, the reality is more complicated. These brands are owned by Authentic Brands Group (ABG), which had already begun shifting their licensing agreements to new partners before the bankruptcy filing. This means that while the retail storefronts operated by Liberated Brands are shutting down, the brands themselves will continue to exist under different management. The transition, however, has been messy. With employees losing jobs and supply chains disrupted, there are still uncertainties about how these brands will be positioned in the future.

This kind of restructuring highlights a broader challenge in outdoor industries: even well-known brands with deep cultural roots aren’t immune to market shifts. It’s a reminder that success in the long run isn’t just about having a strong brand name—it’s about adaptability and long-term financial sustainability.