Same problem, looks great out of the box but after first use (snowboard trip) the threads started coming apart between the back and grey colors. It's not the best quality for the price.
The logo really pops out with this design and it looks exactly as advertised. Fair warning though, as awesome as it looks, it doesn't really work that well for people with bigger cheekbones or more robust skulls. I'm a little sad to admit that that's my situation right now. If you look similar to the model then you'll get exactly what you see in the picture. Maybe in the future, Hoonigan could make different sizes for the beanie!
The item was perfect out of the package but after just a few uses the threads have stretched and pulled apart where the grey and black colours transition. It looks odd with the threads sticking out in random places but still wearable