Iconic Aussie surf label goes down under

Julian Wilson of Australia finished runner-up in the Quiksilver Pro Gold Coast in March. Photo / Getty

Aussie surf label Quiksilver has collapsed and is filing for bankruptcy, according to media reports.

The label was founded in 1969 by Alan Green and John Law in the Victorian surf town of Torquay and will now hand control of the business to private equity firm Oaktree Capital Management, The Australian has reported.

The company's US operations had dragged the surfwear group into the red, despite its Australian and European operations being profitable.

At its peak, Quiksilver had a market capitalisation of US$2.3 billion (NZ$3.6b), which has since plummeted to US$300m (NZ$470m), The Australian reported.