- Aussie fashion and swimwear brand Seafolly has gone into voluntary administration.
- It comes after the company suffered “crippling financial impact” amid the coronavirus pandemic.
- KordaMentha have been appointed as administrators.
- Visit Business Insider Australia’s homepage for more stories.
Australian swimwear and fashion brand Seafolly is the latest business to fall into voluntary administration after being affected by the COVID-19 pandemic.
The brand appointed KordaMentha as administrators after suffering “crippling financial impact” amid the coronavirus pandemic.
Administrator Scott Langdon said in a statement it will be business as usual for customers as the administrators considered options for the brand.
Seafolly gift cards and Beach Club Rewards points will remain fully redeemable.
Langdon added that KordaMentha will begin the process to sell the business immediately.
“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” he said.
Seafolly was founded by Peter and Yvonne Halas back in 1975, and has since grown to 44 stores in Australia and 12 overseas. In 2014, US private equity firm L Catterton purchased 70% of the business for around $70 million, the Sydney Morning Herald reported.
L Catterton is linked to LVMH, the owner of several luxury brands including Louis Vuitton, Fendi and Marc Jacobs. It was spawned out of a partnership between LVMH and private equity firm Catterton in 2016.
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