Major swimwear label Seafolly is for sale only a couple of months after sparking backlash for hiring a trans model.

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.

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