"This says more about Billabong to me than it does about SurfStitch," says Walker. "That's fundamentally because they want the cash and to focus on their core brand. It's part of Billabong's turnaround strategy." Walker said Billabong is looking to "cut out excess baggage" by getting rid of weaker retailers in their portfolio and consolidating non-core producing assets. Earlier this year, Billabong reported a net loss of $126.29 million for the six months to 31 December, 2013. "SurfStitch then realised they're going to need funds to continue their growth pattern," says Walker. "I think about SurfStitch and The Iconic, they're good examples of businesses building a successful brand." Walker attributes SurfStitch's success to it being tech-savvy and an "online expression" of classic, global surf retailers. "When you look at the global retailers that perform the best they tend to be retailers that have physical retail outlets and online stores," he says. "Online is all about scale, it's all about volume."