Popular n swimsuit brand Tigerlily Swimwear has fallen into administration once again.
It marks the second time in four years that the troubled label has collapsed.
A notice posted to ASIC on Tuesday revealed external administrators Glenn Franklin and Jason Stone of PKF have been appointed to the company.
The brand was founded in 2000 in Sydney by Jodhi Meares, a model and the former wife of media and gaming billionaire James Packer.
It was then sold to Billabong in 2007 for $5.8million.
Iconic n swimwear brand Tigerlily has collapsed into administration for the second time in four years (pictured: a model wears one of the label’s bikinis)
Sydney private equity frim Crescent Capital then bought the swimwear brand in 2017 from a struggling Billabong for $60million.
It was rolled in with Crescent’s bag label Crumpler.
‘Crumpler and Tigerlily remain separate businesses with independent identity and aesthetic as well as individual design marketing and customer support teams,’ Crumpler CEO Adam Wilkinson said at the time.
The brand’s previous collapse into voluntary administration was handled by KordaMentha in 2020 after the Covid pandemic affected retail sales.
Travel restrictions combined with a drop in foot traffic to severely hit the brand’s bottom line.
Despite emerging from that setback, Crescent engaged Deloitte to find a buyer for Tigerlily last year which proved unsuccessful.
Tigerlily had recently tried expanding its range from its roots of bikinis and patterned dresses to bohemian inspired knitwear, boots and even candles.
The label has about 10 boutique stores across and about 40 global wholesale partners.
More to follow.