Seafolly Saves Tigerlily from Voluntary Administration

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By Published On: May 10, 20240 Comments

Tigerlily has been rescued once again with Seafolly purchasing its swimwear competitor out of its second voluntary administration.

Boho swimwear brand Tigerlily has once again been lifted out of voluntary administration, this time by fellow swimwear brand Seafolly.

Tigerlily was founded nearly 25 years ago in Sydney. The swimwear company fell into voluntary administration for the first time in 2021 following the fallout from the Covid 19 pandemic. It was rescued just months later, by fellow Australian company Crumpler under Crescent Capital. In March this year, the company announced it has fallen back into voluntary administration following an unsuccessful search for a buyer. 

This week, it has been revealed that Australian swimwear brand Seafolly has stepped up. Formerly a major competitor to Tigerlily, Seafolly purchased Tigerlily this week with a deed of company arrangement estimated to be worth $2.3 million, Ragtrader reports that there is also a third-party contribution of $750,000.

Founded in 1975, Seafolly accounts for a third of Australia’s entire women’s swimwear market

Back in 2020, Seafolly saved another rival, leading Australian swimwear brand JETS Swimwear from voluntary administration following the collapse of PAS Group. 

In August last year, Seafolly was purchased by Hong Kong-registered Bondi Brands Group for $70 million.

With 30 stores across 50 countries, Seafolly is deeply connected to its Australian beach roots. “We embody the Australian beach lifestyle,” Seafolly describes it’s brand image. “The fiery spirit of the Australian sun and the refreshing optimism of the ocean flows through all that we do. We harness this to create considered swim collections that inspire the confidence all women need to truly embrace and enjoy the beach.”

Seafolly reportedly plans to relaunch Tigerlily early next year following a restructure.

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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