LVMH-backed private equity firm L Catterton is set to reacquire Australian swimwear brand Seafolly.
SYDNEY — LVMH-backed private equity firm L Catterton is set to reacquire Australian swimwear brand Seafolly after the Sydney-based company entered voluntary administration on June 29, citing the “crippling financial impact” of the Australian bushfires and the coronavirus pandemic.
According to a source close to the process, Seafolly’s debt is approximately 63 million Australian dollars or $45 million, of which 50 million Australian dollars or $36 million is unsecured. L Catterton is the largest creditor, owed 27 million Australian dollars or $19 million. “I was overwhelmed by the level of interest and competition to own one of Australia’s most recognizable brands” said administrator Scott Langdon. “With an optimized retail, online and wholesale network, Seafolly will continue to be the iconic Australian beachwear brand that customers know and love.”By early this year, Seafolly had more than 40 stores in Australia and its swimwear was stocked in 2,700 stores in 41 countries.
Twenty Seafolly stores in Australia remain open, with more than 110 employees retaining their jobs. There are no plans at this stage to close any of the 12 international Seafolly stores in the U.S., Singapore, New Zealand and Europe.
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