Seafolly, an Australian swimwear maker, has gone into voluntary administration, citing plummeting sales and the crippling financial impact of the coronavirus pandemic. KordaMentha announced Monday that it had been appointed as administrator by the company, which is owned by L Catterton, the PE firm co-founded by French luxury brand group LVMH.
The sale process for Seafolly, which has 44 stores in Australia and 12 overseas, will start immediately. Scott Langdon, a Sydney-based partner with KordaMentha who will oversee the sale alongside Rahul Goyal, said a high level of interest is expected from potential buyers due to Seafolly’s reputation.
The company was acquired for a reported $70 million in 2014 by L Capital Asia, part of the PE arm of LVMH, with an eye to expanding the Seafolly brand globally. In 2016, L Capital partnered with US firm Catterton and Group Arnault to form L Catterton.
Source: Pitchbook
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