Even big corpo surf brands like quiksilver and billabong still have deep ties to the current surf industry. I can say with a certainty that this is what keeps them alive. The constant chase towards minimizing expenses will dilute the brand.
You couldn't have chosen a worse example (no offence) when quik 'became' boardriders inc there was an immediate backlash within the community of surfing. It took them years to regain any semblance of credibility within surf biz. When Boardriders Inc absorbed Billabong when it was tanking, they cut back heavily and disregarded the local communities where the brand was built around.
The amalgamation, despite the financial records and revenue (despite operating at a loss for many years) barely have any pull within the surf biz. They are a global surf brand with limited ties to the industry.
The equity invested was tied towards sponsorships for events moving forward. This has not worked out well for them.
Ripcurl would have been a much better example if you were comparing surf companies.