Billabong International Limited is an Australian company focused on surfing, primarily a clothing retailer that also produces accessories, such as watches and backpacks, and skateboard and snowboard products under other brand names. Founded in 1973 by Gordon and Rena Merchant, the company first traded on the Australian Securities Exchange in August 2000. The name "billabong" is derived from the Wiradjuri word bilabaŋ that refers to a "creek that runs only during the rainy season". As of September 2013, Von Zipper, and Element were two of the prominent brands that Billabong owns. Honolua Surf Company, Kustom, Palmers Surf, Xcel, Tigerlily, Sector 9, and RVCA were the company's other brands. In 2018, Billabong International Limited was acquired by Boardriders, Inc, owner of rival brand Quiksilver. From late 2012 onwards, following the company's decline in the period since 2008, Billabong International has been the subject of several protracted bidding and takeover processes in which the company's former United States chief Paul Naude has been a participant. During one period, Billabong used a corporate turnaround strategy to return the company to profitability, which it achieved in 2014. In December 2016, former chief executive Matthew Perrin was found guilty of fraud and forgery by a jury in the district court in Brisbane, and was sentenced to jail in January 2017. History Early history Billabong was founded in the Gold Coast, Queensland, Australia, in 1973 by Gordon Merchant. At first, he designed and created board shorts at his home, and then sold them to local surf shops. Surfers soon realized the durability of Merchant's shorts that was the result of his triple-stitching technique. Merchant understood that his company needed to expand to achieve success, so Billabong started to sponsor contests, which increased the public's awareness of Merchant's products, and the company expanded. By the 1980s, Billabong board shorts were present throughout Australia. Based upon his success in Australia, Merchant decided to export Billabong's products, and by the late 1980s, Merchant's board shorts were available in other countries, including New Zealand, Japan, and South Africa. In the 1990s, the surf industry as a whole grew significantly, and Billabong was a part of this growth process. The company was first traded on the Australian Securities Exchange 2000, which provided the company with the funds to further expand and acquire other companies. Acquisitions As the company developed further, it acquired new brands and retail outlets to move beyond the