Gordon Merchant's Billabong emerged from the Gold Coast in 1973, born from the practical needs of surfers. Merchant's innovation in designing durable, functional board shorts quickly earned him a loyal following in the surfing community. His deep understanding of the surfer's lifestyle and his commitment to quality helped Billabong evolve from a local favourite to an international symbol of the surf and beach culture. The brand’s journey is emblematic of Australian beach life and resonates globally with those who embrace the spirit of adventure and the love of the ocean.

Billabong has had a complex history with private equity, including a significant investment from Centerbridge Partners and Oaktree Capital Management in 2013 to help restructure the company.