L Catterton Asia-backed swimwear brand Seafolly goes into voluntary administration

Visual from Seafolly Facebook page.

L Catterton Asia-backed Australian swimwear brand Seafolly has appointed KordaMentha Restructuring as a voluntary administrator, according to a press statement.

Seafolly cited crippling financial condition and sales downturn due to the COVID-19 pandemic for the move.

KordaMentha Restructuring partners, Scott Langdon and Rahul Goyal, will work as the administrators for Seafolly, which also includes entities related to the Sunburn business.

KordaMentha’s Sydney office will immediately commence the sale of the business process.

“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” Langdon said.

Despite the appointment, Seafolly will continue its business as usual for its customers. The Seafolly gift cards and Beach Club rewards points will continue to be redeemable at all Seafolly stores, he added.

Founded in 1975, Seafolly has a retail network of 44 stores throughout Australia and 12 stores overseas.

In December 2014, L Catterton, formerly L Capital Asia, the Asian PE fund sponsored by LVMH Moët Hennessy Louis Vuitton S.A. (LVMH) acquired a controlling stake in Seafolly for an undisclosed amount. The investment was made through L Capital Asia 2.

Seafolly noted more than A$100 million of revenue when it was acquired by L Capital Asia, with 14 Seafolly stores and 23 Sunburn Stores in Australia, as well as six stores in Singapore and California, USA.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.