Volcom, which belongs to Kering's Sport & Lifestyle segment since 2011, has sold Electric through a management buyout to a group led by the brand's chief executive, Eric Crane. The asset deal became effective on March 16. In reporting its 2015 results, Kering said that Electric's sales declined due to unfavorable weather conditions and a wait-and-see attitude on the part of some multi-brand retailers. Volcom had bought the California-based sunglass brand in 2008. Created in 1991 by a former partner in Arnette, Electric has since diversified into snow goggles, watches, helmets, apparel and accessories in an effort to become a lifestyle brand.