The homegrown swimwear brand has been offloaded in a deal valuing the company at about $70 million. It is the second Aussie brand to be traded this week.
The buyer, HK-registered Bondi Brands Group, was only incorporated in June.Homegrown swimwear brand Seafolly has been sold by its private equity owner, US retail specialist L Catterton, to an Asian strategic buyer in a deal valuing the famous label at about $70 million.
L Catterton declined to comment on its exit from Seafolly, which was founded in 1975 by Peter and Yvonne Halas.Seafolly also offers loungewear, knits and beach cover-ups. Over the years its swimwear has been promoted by ambassadors such as Kristy Hinze, Miranda Kerr and Behati Prinsloo. The label remained a family business until 2014, when the Halases sold a 70 per cent stake for about $70 million to L Capital Asia, the private equity arm of global luxury goods giant LVMH.
The business was battling onerous supplier and lease obligations locally and globally, and the summer of bushfires had also taken a toll on sales. Seafolly’s delivery partner, Toll, suffered a series of ransomware attacks, affecting deliveries.L Catterton was the owner and major creditor of Seafolly. KordaMentha previously flagged that Seafolly was unable to pay its debts and may have been insolvent from early April 2020.
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