Second collapse in four years for Australian swimwear label Tigerlily
Australian fashion brand Tigerlily has called in voluntary administrators for the second time in four years, putting new question marks over the beachy-chic brand’s future.
Australian fashion brand Tigerlily has called in voluntary administrators for the second time in four years, putting new question marks over the beachy-chic brand’s future.
Documents listed by the Australian Securities and Investments Commission (ASIC) on Wednesday show Tigerlily Aust Pty Ltd and related businesses have come under the voluntary administration of Jason Stone and Glenn Franklin of PKF Melbourne.
The administration affects a business with ten boutiques across New South Wales, Queensland, and Western Australia, a network of stockists across the map, and a prominent e-commerce operation.
While administrators have been appointed, Tigerlily’s designs remain available for purchase on its online store at time of writing.
Founded in 2000 by Australian designer Jodhi Meares, the Tigerlily brand has endured far more turbulence than its laid-back aesthetic may suggest.
Tigerlily made headlines in 2007 when it was acquired by surf brand juggernaut Billabong for the reported sum of $5.8 million, as the company aimed to expand its offering to women.
Ten years later, as Billabong aimed to “simplify its brand portfolio”, it offloaded Tigerlily to Sydney private equity firm Crescent Capital Partners in a deal worth $60 million.
Under new corporate guidance, the Tigerlily brand collapsed in March 2020 as COVID-19 pandemic restrictions rattled both the retail sector and consumer confidence.
It commanded a network of 30 stores at the time.
Creditors knocked back deals put forward by third parties, eventually handing Tigerlily back to Crescent Capital Partners.
The private equity firm has held on to the business since — but reportedly tapped Deloitte to explore its potential sale, likely buoyed by global investor interest in Australian fashion labels like Zimmermann.
SmartCompany has contacted the administrators for comment.
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