In an article posted Monday, May 19, the Los Angeles Times reports on SIMA’s Surf Summit with a headline reading “Surf Wear Makers Hit Rough Waters.” Citing declining sales and falling stock prices within the action sports industry, the Times quotes Reef co-founder and International Surfing Association president Fernando Aguerre: “Right now, everybody’s paranoid. I think the whole industry probably has a sharper eye on their financials.” Besides the economic downturn, the LA Times report also pointed to the declining housing market in the surf/skate market’s epicenter: Southern California.
On a positive note, the summit was attended by 300 industry insiders and seminars drew positive feedback, according to the Times. Times staff also talked with Bob Mignona, former publisher of Surfing magazine, about the overall significance of the event, explaining that a big part of preserving the industry’s credibility and authenticity was respecting other people who surf.
To read the entire story, visit the LA Times’ Web site. What’s your take on the mainstream media’s coverage of SIMA Surf Summit and the state of the industry? Voice your opinion on Transworld Business‘ forum.