“This has reduced the number of people passing through shopping centers, which has reduced sales in an already difficult environment.”
Langdon said his intention is to continue the business and KordaMentha will give priority to finding a buyer on what he calls a “flexible and dynamic” market. Some stores would close, he confirmed.
Tigerlily 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 magnate James Packer.
It is wholly owned by the private equity firm Crescent Capital Partners, which purchased the company for $ 60 million in 2017 from former owner Billabong, who purchased the label from Ms. Meares in 2007. Crescent Capital Partners did did not respond to calls from Age and The Sydney Morning Herald concerning administration.
Recent management departures suggest the company has been on the rocks for some time, with CEO Chris Buchanan and CFO Steven Hill having both left the company in the past few months.
He also recently completed a brand update, focusing on clothing and sustainable fashion rather than his iconic swimwear lines.
Despite the difficult retail environment, the directors still expect significant interest in selling the company due to its “solid brand and reputation”.
Tigerlily is the tenth major retailer to collapse or announce major store closings since the end of 2019, with Harris Scarfe, Bardot, Jeanswest, Bose, Kikki K, Curious Planet, EB Games, Ishka and Colette by Colette Hayman, all victims of retail discomfort. With coronavirus outages expected to occur within a few weeks, this list is likely to grow.