According to rumours, a mysterious Asian bidder has purchased the Australian bikini brand Seafolly.
According to the Financial Review, US private equity firm L Catterton, which now owns Seafolly, sold the company for an estimated $70 million.
According to paperwork the AFR got from the Hong Kong Companies Registry, the buyer is Bondi Brands Group.
Peter and Yvonne Halas founded Seafolly in Bondi Beach, Sydney, in 1975, making it nearly 50 years old.
It is now sold in 50 countries and has 30 storefronts, which is half of what it once had.
Miranda Kerr is one of the famous faces who has modeled for the company.
Son of Peter Halas and former CEO Anthony Halas expressed hope that the new owners might “bring it back to its former glory.”
In 2014, the business was sold to LVMH’s private equity division, L Capital Asia, a major player in the luxury goods industry.
Later, L Catterton became the owner.
Seafolly into administration in 2020 due to supplier problems during COVID-19 and the “black summer” of bushfires, but was saved.
The business currently controls around 32% of the Australian market for women’s fashionable swimwear and is on pace to have sales of $90 million in the fiscal year 2023.stated Financial Review.
According to the company’s three-year financial strategy, total sales are anticipated to rise to $129.7 million in the 12 months leading up to the end of June 2026.
