After acquiring the brand in the early 2000s, Nike is selling Hurley to Bluestar Alliance LLC. While terms of the deal have yet to be announced, the transaction is expected to be complete in December.
"We appreciate how Bob and the Hurley team have built Hurley into the world's most innovative surf brand," said Michael Spillane, President of Categories and Product, NIKE, Inc. "As we drive increasingly more targeted investment and focused growth through Nike's Consumer Direct Offense, this change in ownership will allow sharper focus and intentional investment in Hurley's growth potential."
Nike purchased Hurley in 2002, as it went on to bolster the company's surf, skateboard, and snowboard credibility. Hurley was founded in 1998 by Bob Hurley, who stepped down as chief executive in 2015.
Bluestar is expected to introduce Hurley to new foreign markets and continue to groom it into a 360-degree lifestyle brand.
News of the Hurley sale comes as Mark Parker recently announced that he is stepping down as Nike‘s president and CEO.