Seafolly is set to swim again, with administrators choosing L Catterton as the preferred bidder.
L Catterton, backed by LVMH, is the same owner which placed the business in administration.
Administrators Scott Langdon and Rahul Goyal from KordaMentha said the bid offered the best return for creditors, despite receiving 80 other interested offers for the company.
Details of L Catterton's preferred bid have been sent to creditors, with a vote on the contract to be made at a meeting on August 3.
"I was overwhelmed by the level of interest and competition to own one of Australia's most recognisable brands," Langdon said.
Prior to entering administration in June, Seafolly had over 40 stores in Australia and $112 million in annual sales to December last year.
It is understood 20 stores will remain open and more than 110 employees will retain their jobs.