Tigerlily collapses into administration as retail sector flounders
Troubled swimwear brand Tigerlily has collapsed into administration, as Australia's retail sector continues to be battered by weak consumer confidence and the coronavirus pandemic.
Tigerlily, which operates across 30 retail locations and online, appointed administrators KordaMentha on Monday morning, company documents show, becoming the latest retailer to succumb to market pressures. Stationery brand Kikki K waved the white flag in early March, blaming "unprecedented" external factors.
Tigerlily was started by Jodhi Meares (right) in 2000 before she sold it to Billabong in 2007.Credit:Dallas Kilponen
The company is famous for its range of bikinis and swimwear, and was founded in 2000 by model Jodhi Meares, who is also the former wife of billionaire casino mogul James Packer.
It's wholly owned by private equity company Crescent Capital Partners, who bought the company for $60 million in 2017 from former owner Billabong, who purchased the label from Ms Meares in 2007.
Recent media reports suggest the company had been on the rocks for some time, with chief executive Chris Buchanan and chief financial officer Steven Hill both departing in the last few months.
It also recently completed a brand refresh, shifting its focus towards apparel rather than swimwear and sustainable fashion.
More to come
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