Seafolly, one of Australia's top swimwear brands known for its glamour has been listed for sale after being rescued from administration only three years ago. The private equity owner L Catterton is selling the company and has enlisted FTI Consulting to handle the sale. The sale of Seafolly comes as other Australian companies such as Blackmores and 7-Eleven have also recently been put up for sale.
It was only in March that women's bikini and beachwear brand Seafolly sparked a major backlash for using a trans-identified model in an Instagram story celebrating pride month in Australia. The company tried to quell the waves with a statement but it didn't move the protestors.
Potential investors have been told that the swimwear brand is expected to see a 45% increase in sales over the next six years. The company is currently responsible for 32% of the women's fashion swimwear market in Australia and is projected to make $90 million this financial year, driven by two consecutive years of strong double-digit growth across all channels and key markets. Seafolly's sales are expected to rise to $129.7 million by June 2026, according to the company's three-year business plan. First-round bids have already been received, with a second round closing next month.
Seafolly lost a whopping $91.9 million in the year leading up to the administration and another $45.8 million in the pandemic's first half. Despite this, FTI Consulting described the brand as "Australia's most loved iconic swimwear brand" and said it was "focused on a growing market share within key wholesale accounts, driving eCommerce platforms, and optimizing our retail footprint".
In a controversial move, Seafolly hired non-binary activist Deni Todorovič as an ambassador in March, resulting in threats of customer boycotts. The brand has a history of glamorous advertising campaigns featuring top models such as Gigi Hadid, Shanina Shaik, and Miranda Kerr. However, hiring Todorovič, who identifies as non-binary and transgender, resulted in backlash, with some customers vowing never to buy Seafolly swimsuits again.