Surfwear brand Quiksilver filed for Chapter 11 bankruptcy this week, with Oaktree Capital Management and Bank of America offering $175 million in debtor-in-possession financing (to be approved by a bankruptcy court). CEO Pierre Agnes said in a statement that the fresh capital structure will enable the company to re-invest in its brands for a turnaround.
Is that possible? Surprisingly, Quiksilver was ranked Gifted and No. 17 of 59 brands in L2’s Digital IQ Index: Sportswear due to its interactive buying guides and strong social following. On Instagram, Quicksilver has one of the top 10 accounts in followers, with 69% year on year growth as of December 2014. On Facebook, Quicksilver had one of the highest interactions per post (2.03 million) at the time of the study. Showing agility and production expertise, it used Facebook’s native video for 68% of posts.
Yet Quiksilver’s biggest lead is in helping consumers find relevant items (aka prompting them to expand their carts). Popular items are listed under the collections tab, and clicking on each reveals a collection of high-resolution images alongside sizing options and buy buttons. Select items such as the Amphibian Shoe are presented in images that display them in action and against beautiful backgrounds (such as snow for snowboarding equipment and seaside views for surfing). Leading the consumer to commerce is not compromised either. Shop Now and Share buttons persist throughout the site, as well as the store locator function which is sortable by stores, authorized dealers, and outlets.