Iconic Australian swimwear retailer Seafolly has toppled.
Scott Langdon and Rahul Goyal of KordaMentha Restructuring have been appointed voluntary administrators.
L Catterton, the private equity fund backed by LVMH Moët Hennessy Louis Vuitton, acquired a controlling stake in Seafolly in 2014.
Administrators said Seafolly made the appointment because of the crippling financial impact of the COVID-19 pandemic.
Langdon reassured customers it will be business as usual for Seafolly customers while administrators assessed the business.
“All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores. We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points.”
Langdon confirmed that KordaMentha will immediately commence a sale of business process.
Interested parties should contact the KordaMentha Sydney office.
“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business," Langdon said.
Seafolly has a retail network of 44 stores throughout Australia and 12 stores.
The appointment includes the entities relating to the Sunburn business.