Surfwear brand Rip Curl has been hit by the downturn in consumer spending and is now up for sale.

According to the Australian Financial Review, the company, which is based in Torquay, Victoria, is expected to be sold for a price between $300-$400 million.

The company reportedly hired Bank of America Merrill Lynch to help assist them in finding potential buyers of the business. This has now been confirmed by the company who released a statement later on Monday.

“Rip Curl has identified a number of global opportunities which could complement its organic growth. We have also recently received unsolicited approaches from several international organisations which have indicated a desire to invest in our company,” the company said in a statement.

“In order to assess these opportunities, the Board has appointed Merrill Lynch to assist Rip Curl in exploring the opportunities available as well as assessing the merits of introducing a third-party investor to the Group.

“The Board recognises that if any such investment were to occur it would need to be consistent with our objectives of ensuring our company values and brand values are respected, supporting our staff and being in the interests of our shareholders."

This comes after competing brand Billabong went under and has since received offers from TPG and an unknown bidder, each offering $1.45 per share.