Surf's up: Aussie label Rip Curl has been sold for $358 million to New Zealand's Kathmandu, ending 50 years of local ownership

• Iconic Australian surf brand Rip Curl has been sold to New Zealand outdoor retailer Kathmanu for $358 million.

• Its sale end a half century of local ownership after surfers Brian Singer and Douglas Warbrick founded the company at Bells Beach in 1969.

• Each will receive a stake in Kathmandu as part of the sale, along with CEO Michael Daly who will retain operational control from Torquay.

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Rip Curl's reign as an iconic local Australian brand is over.

The surf label, which has been privately owned within Australia for 50 years, announced on Tuesday that it has sold to New Zealand outdoor retailer Kathmandu for $358 million.

"We are excited about the opportunity to partner with another iconic Australasian brand that shares our vision of creating high-quality functional products for outdoor and action enthusiasts," Rip Curl CEO Michael Daly said in the Kathmandu company announcement to the ASX.

Daly will stay on in his role, reporting to Kathmandu CEO Xavier Simonet from Torquay where the brand began, but retaining operational control of the brand.

"The acquisition of Rip Curl transforms Kathmandu into a NZ$1.0 billion outdoor and action sports company, anchored by two iconic global Australasian brands ... underpinned by a shared focus on quality innovation and sustainability," Simonet said in the same announcement.

As part of the deal, $31 million of Kathmandu shares will be split between Daly and both of Rip Curl's founders, surfer friends Brian Singer and Douglas Warbrick who started the company at Bells Beach in 1969.

"We wish to acknowledge the role that Rip Curl's founders have played in building the iconic status of the Rip Curl brand internationally as well as its unique cultural identity," Simonet said.

It's not the first time the brand has shopped itself around or looked overseas to do so. Rip Curl had previously brought in Bank of America Merrill Lynch to find a buyer in 2012 but was unable to find anyone willing to put up the asking price of $400 million.

It seems now a deal has finally emerged from the pipeline.

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