The 43-year-old company, based in Torquay, Victoria, said in a statement on Monday that it had appointed Merrill Lynch to assess the merits of introducing a third-party investor after receiving several approaches.
"Rip Curl has identified a number of global opportunities which could complement its organic growth." the statement said.
"We have also recently received unsolicited approaches from several international organisations which have indicated a desire to invest in our company."
Rip Curl owners and founders, Doug Warbrick and Brian Singer, have also commissioned Merrill Lynch to assist them to explore growth opportunities.
Unlike its struggling rival Billabong, Rip Curl has remained a one-brand company and except for Australia, where it has diversified into retail stores it has also remained a wholesaler.
Rip Curl said that any potential investment would have to be consistent with the brand's values.
"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," the company said.
The company said that its unaudited pro-forma revenue and earnings before interest, tax, depreciation and amortisation had increased in the 2012 financial year, compared to the previous year.
It also said it had performed well in contrast to the general surfwear industry.
Earlier reports have suggested that Rip Curl could receive up to $480 million in a full sale.
Rip Curl is the second household Australian surfwear brand to investigate a takeover offer this year.
The share market-listed Billabong received a second takeover offer earlier this month from an unnamed suitor that matched private equity firm TPG's $1.45-a-share bid.
Both of Billabong's suitors are now conducting due diligence on the retailer, which reported a $275.6 million loss in the year to June 30.
This compared with a $119.1 million net profit the financial year before.