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VF Says It Dropped Pursuit of Billabong Brand as Too Expensive

VF Corp., the world’s largest apparel maker, dropped its pursuit of Billabong International Ltd.’s surf brand and stores because the Australian company wanted more than VF thought it was worth.

VF balked at Billabong’s asking price after evaluating the finances and operations of the company’s namesake brand, Steven Rendle, a VF vice president, said in an interview. VF was interested in Billabong’s surf brand and its stores, including one in Times Square, he said. Billabong this week accepted a refinancing offer to reduce debt amid slumping sales.