What Kathmandu Holdings does

KMD Brands is a publicly listed (ASX/NZX: KMD) global outdoor, lifestyle, and sports holding company headquartered in Auckland, New Zealand, operating three wholly-owned subsidiary brands: Kathmandu (outdoor apparel and equipment, founded 1987 in New Zealand), Rip Curl (global surf brand, founded 1969 in Bells Beach, Australia; acquired 2019), and Oboz (outdoor footwear, North America; acquired 2018). The group serves consumers seeking quality, technically designed, and responsibly made products for outdoor activities, travel, adventure, and surfing, with customer segments defined by lifestyle/persona rather than enterprise verticals.

The company generates revenue through a multi-channel distribution model covering wholesale, physical retail stores, and direct digital/e-commerce across all three brands, with operating geographies spanning New Zealand, Australia, and North America. All three brands are certified B Corporations, supporting a group-wide sustainability positioning that the company uses as a brand and sourcing differentiator. The group employs 1,001-5,000 staff and is led by Group CEO and Managing Director Michael Daly, with founders John Pawson and Jan Cameron maintaining historical relationships.

Financially, KMD Brands has experienced a deteriorating trajectory: revenue declined from approximately NZ$685M in FY2023 to approximately NZ$583M in FY2024 and FY2025, EBITDA turned negative in FY2025, and the company reported net losses in both FY2024 and FY2025, driven in part by aggressive discounting to clear excess winter inventory that compressed gross margin to 58.8%. The business operates within the Asia-Pacific outdoor gear market, which is valued at USD 18.43B (2024) and projected to grow at 5.8% CAGR to USD 28.91B by 2032.

Name

Kathmandu Holdings

Legal name

KMD Brands

Website

https://kathmanduholdings.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

KMD Brands is a publicly listed outdoor, lifestyle, and sports holding company operating three brands—Kathmandu (outdoor apparel), Rip Curl (surf), and Oboz (footwear)—through wholesale, retail, and digital channels across New Zealand, Australia, and North America, serving outdoor and surf consumers.

Ownership category

akta.pro rank

Product category

Outdoor Apparel & Surf Equipment

NAICS

Clothing and Clothing Accessories Merchant Wholesalers (424350), Sporting and Recreational Goods and Supplies Merchant Wholesalers (423910), Footwear Manufacturing (3162), Apparel Accessories and Other Apparel Manufacturing (3159)

SIC

Wholesale-Apparel, Piece Goods & Notions (5130), Apparel & Other Finishd Prods Of Fabrics & Similar Matl (2300), Footwear, (No Rubber) (3140)

akta.pro primary industry

Outdoor Clothing & Footwear Retail (Camping/Hiking/Climbing) (CRAMAMAK)

akta.pro secondary industries

Backpacking & Trekking Gear Retail (CRAMAAAA), Outdoor Travel Gear (Duffels, Packs, Dry Bags) Retail (CRAMAAAI), Hiking & Trail Accessories Retail (CRAMAAAD), Sports, Outdoor & Adventure Packs Manufacturing (Backpacks/Duffels) (IMAOAHAE)

Keywords

• Outdoor apparel
• Surf apparel
• Outdoor footwear
• Travel clothing
• Adventure equipment

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Distribution channels3 records

Core offering

Kathmandu Holdings, operating as KMD Brands, is a global outdoor, lifestyle and sports company that designs, produces and retails outdoor clothing, footwear, and surf equipment and apparel through three branded house labels: Kathmandu (travel and adventure clothing and equipment), Rip Curl (surf apparel, wetsuits, and surf hardware), and Oboz (outdoor footwear). Products are sold through company-owned retail stores, brand websites, and wholesale partners across multiple international markets.

Product overview

KMD Brands is a global outdoor, lifestyle and sports company consisting of three iconic brands: Kathmandu (outdoor clothing and equipment founded 1987, New Zealand), Oboz (outdoor footwear founded in North America, acquired 2018), and Rip Curl (global surf brand founded 1969, Australia, acquired 2019). All three brands share a focus on responsibly made, expertly designed, and technical products distributed through wholesale, retail, and digital channels. The Group operates as a certified B Corporation across all brands.

Differentiator

Problem solved

Functional benefit

Brands

• Kathmandu: Certified B Corp brand specializing in quality clothing and equipment for travel and adventure, founded in 1987 in New Zealand.
• Rip Curl
• Oboz

Products and services

• Kathmandu Outdoor clothing, travel apparel, backpacks, sleeping bags, tents and adventure equipment marketed to travellers and outdoor enthusiasts.
• Rip Curl Surf brand offering wetsuits, boardshorts, swimwear, rashies, surf apparel and surf hardware such as leashes, traction pads and surfboard accessories targeted at surfers and beach lifestyle consumers.
• Oboz Outdoor footwear brand producing hiking boots, trail shoes and casual outdoor shoes designed for hiking and trail use.

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Columbia Sportswear: Outdoor apparel, footwear, and accessories brand with global wholesale and DTC distribution. Comparable to Kathmandu's outdoor apparel/footwear positioning and channel mix.
• Amer Sports: Owns Arc'teryx, Salomon, Wilson, and Peak Performance. Closely comparable as a multi-brand outdoor and sports portfolio with technical-product positioning and global wholesale/retail distribution.
• Quiksilver: Iconic surf apparel and equipment brand. Comparable to Rip Curl as a heritage global surf lifestyle brand with similar product categories (wetsuits, boardshorts, casual surf wear) and consumer base.
• VF Corporation: Owner of The North Face, Vans, Timberland and other outdoor/action lifestyle brands. Comparable as a multi-brand global outdoor and lifestyle apparel/footwear platform with both retail and wholesale distribution.
• Deckers Outdoor: Owner of UGG, HOKA, Teva, and Sanuk. Comparable to Oboz as a specialty outdoor/active footwear brand with wholesale, DTC, and international distribution; demonstrates the operating-leverage potential of outdoor footwear at scale.
• Billabong International: Australian heritage surf brand selling apparel, wetsuits and accessories globally. Directly comparable to Rip Curl in surf heritage, category mix, and target consumer; both have experienced cyclical pressure in discretionary surf apparel.

Broad incumbents

• Patagonia: Privately held outdoor apparel and gear brand, a B Corporation and recognized sustainability leader. Comparable to Kathmandu on outdoor apparel positioning and B Corp/ESG credentials, and an aspirational reference point for responsible-brand pricing.
• Yeti Holdings: Premium outdoor lifestyle brand (drinkware, coolers, bags). Comparable as a premium-priced outdoor lifestyle brand sold through wholesale and DTC; differs in product category but adjacent in consumer overlap.
• Vista Outdoor: Owner of multiple outdoor and sporting goods brands (e.g., CamelBak, Giro, Bell, Fox Racing). Comparable multi-brand outdoor/sports platform with wholesale and DTC channels; broader category coverage than KMD.

Others

• Hanesbrands: Global apparel manufacturer and brand owner (Champion, Bonds). Less directly comparable in category but a reference for global apparel wholesale/retail scale, supply-chain complexity, and cyclical demand exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/79532117/admin

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kathmandu Holdings