Wall Street's Gnarly Slam

The following article, written by Billy Tuchscher, examines how Wall Street’s takeover of major surf/skate brands led to their downfall. Originally released as a press statement, we’re sharing it here in full for our readers at DOSE Skateboarding.

On a cool evening in Venice, California, Juice Magazine hosts a screening of the legendary movie Lords of Dog Town. While the mood is upbeat, long-time skaters at a back table contemplate what's next for the skate industry's major surf/skate brands. "These brands used to mean something. But, when they dump your childhood hero, it's personal" said one young skater. 

He isn't alone in his disillusionment. Across the action sports world, core enthusiasts are grappling with the aftermath of Liberated Brands' $226 million bankruptcy. The company, which operated iconic names like Volcom, Billabong, Quiksilver, and RVCA, collapsed in February 2025 after a tumultuous period under Wall Street ownership.

The seeds of this downfall were planted in 2023 when Authentic Brands Group (ABG) acquired the Boardriders portfolio. Following a well-worn private equity playbook, they swiftly moved to cut costs, and put its Volcom, Billabong, Quiksilver, and RVCA sponsored athletes first on the chopping block. "One day you're family, the next you're a line item on a spreadsheet" said one professional skater who preferred to remain anonymous for fear he would be cut. The cuts were deep and wide-ranging. Billabong unceremoniously purged its sponsored surfers and skaters. Roxy slashed two-time world longboard champion Kelia Moniz's pay by 90% before she quit and instantaneously gained community respect and 100’s of thousands of Instagram followers (not a good sign if you're Roxy). 

For the tight-knit surf and skate communities, these moves were tantamount to betrayal. "Skaters and surfers are like family," explains skate legend Christian Hosoi. "We move together, take care of our own. When you mess with one of us, you mess with all of us."

Industry analysts estimate that core enthusiasts represent 20% of customers for these brands, and once you’ve lost them, they are gone forever. In an industry with an average of say, 8% to 10% profit margins, if you lose actual skaters and surfers, you’re headed for bankruptcy. Those seem to be the hard (and predictable) facts. 

But, not only do you lose your core customers, but 80% of brand advocacy for these big brands came from surfers and skaters. By alienating this crucial base, the corporate owners set off a nuclear chain reaction that their ivy league educated executives were ill-equipped to understand.

Legendary skateboarder Tony Alva, watching from the sidelines, offered a scathing assessment: "These Ivy League suits think they can buy culture. But authenticity in our world? Well, that's earned in empty pools and on gnarly waves, not in boardrooms."

As these brands cut sponsorships the fallout was swift and severe. Billabong's Instagram engagement plummeted 62% after announcing athlete cuts. Competing indie brands like Vissla and Tenore reported 200% spikes in inquiries from displaced fans. Even casual consumers began to sense the shift toward ‘not cool,’ with mall sales declining as the brands lost their cool factor.

As customers fled, ABG and Liberated Brands scrambled to pivot, opening over 140 stores selling what Reddit threads derisively dubbed "Zara for kooks." 

“You really can't fake authenticity," says Chris Roberts, skater and host of leading skate podcast The NINE Club. "Some corporations come into our industry and think they can just throw money around and buy up real estate, but it’s obvious to us they're just faking the funk, they’re culture vultures, it doesn’t last long.” And, it did not last long at all. Core shops began dropping the corporatized brands, and even mainstream retailers reported sluggish sales. By the time Liberated Brands filed for bankruptcy, listing $100M-$500M in liabilities, it felt like a foregone conclusion to skaters and surfers.

As was foreseeable, Wall Streeters prioritized investor demands over community ties. But the scale of this implosion has sent shockwaves through the entire action sports ecosystem.

As the dust settles, ABG has shifted licenses to new operators like O5 Apparel for Billabong and Levy Group for Volcom. But skepticism runs deep. "The only growth left is circling the carcass," muses surf/skate journalist Chris Cote. "That being said, innovation and core ideas are still out there! It will come from garages and grassroots, not corporate takeovers." 

Back at the Juice Magazine film screening in Venice where vert skateboarding was born, Brad Schwartz who runs Sk8-HoF, a thriving fashion collab brand, addresses the group of skaters at the table, "It’s a reminder that in surf and skate, it's not about the logo on your shirt. It's about the passion and respect you show the culture."

As the film screening comes to a close, the future of these storied brands remains uncertain. But one thing is clear: in the world of board sports, Wall Street's wave may have finally broken.

About the Author: Billy Tuchscher, is a serial entrepreneur and investor in tech, media, real estate, and entertainment. Notably involved with Rolling Stone Magazine, he controlled its brand, trademarks, and domain names. His owned companies have spanned digital music catalogs, audio beacon tech, e-commerce, and a $4.8B portfolio of large-scale real estate development. Tuchscher has also chaired several important government commissions, and is a generous philanthropist, and an avid surfer & skater who has been linked to the Skateboarding Hall of Fame since 2021.