Camping and hiking gear retailer Kathmandu is taking a dip into the global $11 billion surfwear market, agreeing to buy Australian surf brand Rip Curl from founders Brian Singer and Douglas Warbrick for $350 million.

The acquisition, if approved by Kathmandu shareholders, will create a $NZ1 billion ($930 million) global outdoor and action sports company with operations in Australia, New Zealand, North America, Europe, south-east Asia and South America, and a combined footprint of 341 retail stores, 254 licensed stores and more than 7300 wholesale doors around the world.