Popular Australian swimsuit brand Tigerlily Swimwear has fallen into administration for the second time in four years as the cost of living crisis bites into their business.
A notice posted to ASIC on Tuesday revealed external administrators Glenn Franklin and Jason Stone of PKF were appointed to the company on March 4.
The brand was founded in 2000 in Sydney by Jodhi Meares, a model and the former wife of media and gaming billionaire James Packer.
Iconic Australian swimwear brand Tigerlily has collapsed into administration for the second time in four years (pictured: a model wears one of the label’s bikinis)
Iconic Australian 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 firm Crescent Capital then bought the swimwear brand in 2017 from struggling Billabong for $60million.
‘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.
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.
Early last year it made a focused push into the US e-commerce space in an effort to balance out Australia’s winter drop in sales with the US summer season.
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