It's official. Seafolly is now backed by the powerbrokers behind Louis Vuitton.
The swimwear brand has announced a new partnership with L Capital Asia, the private equity arm of LVMH.
L Capital Asia will acquire a controlling interest in Seafolly for an undisclosed amount.
The iconic swimwear company has annual revenue of over $100 million.
It operates 14 Seafolly stores, 23 Sunburn stores and six stores in Singapore and California.
The brand is also available through international retailers including Selfridges, Nordstrom and Galeries Lafayette.
It is understood new product categories will be developed under the new parternship, as well as global expansion.