Iconic swimwear brand, Seafolly, has gone into administation with the company itself appointing Scott Langdon and Rahul Goyal from KordaMentha Restructuring as administrators of the fashion brand.
Seafolly, which was founded in 1975 in Sydney’s Bondi Beach by Peter Halas, has 44 stores in Australia and 12 overseas, as well as stockists globally. Some of its stores operate under the Sunburn brand, which also stocks other swimwear labels. The number of potential store closures or job losses remains unclear — but Seafolly has 129 employees in Australia. In 2014, private equity firm L Catterson Asia bought a controlling stake in Seafolly from the Halas family.
Seafolly has stated that the crippling financial effect of the coronavirus is responsible for the company’s move to administration, following a slew of other retailers in 2019 and 2020 including swim and beachwear brand, Tigerlily.
KordaMentha has plans to sell the business immediately and is urging anyone interested to contact them. “Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business”, Mr Langdon said.
