L Capital Asia, the Asian private equity fund sponsored by LVMH Moët Hennessy Louis Vuitton S.A., has acquired a controlling interest in Seafolly. Financial terms weren’t announced. Seafolly, a leading swimwear company from Australia, produces AUD 100 million in revenues.
SYDNEY–(BUSINESS WIRE)–Seafolly, Australia’s leading Swimwear Company, has announced a new partnership with L Capital Asia, the Asian private equity fund sponsored by LVMH Moët Hennessy Louis Vuitton S.A. (LVMH). L Capital Asia 2 will be acquiring a controlling interest in Seafolly for an undisclosed amount.
Seafolly is an iconic, home grown Australian brand, renowned globally for its innovative designs and fit. It has achieved over AUD 100 million in revenues, selling through a network of owned stores as well as international partners including Myer, Selfridges, Nordstrom and Galeries Lafayette. There are currently 14 Seafolly exclusive brand stores and 23 Sunburn multi-brand stores in Australia, and a further 6 Seafolly stores in Singapore and California.
With the investment in Seafolly, L Capital Asia has added another well-loved Australian brand to its portfolio, which includes RM Williams, 2XU and Jones the Grocer. L Capital Asia plans to tap into the brand equity of Seafolly to develop it as a full lifestyle brand into other product categories as well as support growth globally across new markets.
Commenting on the transaction, Mr Anthony Halas, CEO of Seafolly said “Our partnership with L Capital cements plans for international expansion and the development of Seafolly into a full lifestyle brand. This is a very exciting time for Seafolly as our core focus has been the swim market of which we are the global leader”.
Mr. Ravi Thakran, Chairman & Managing Partner of L Capital Asia commented “We are excited to partner with the founders to participate in the next phase of Seafolly’s growth. Seafolly invokes Australian summer and beaches in people’s minds across the world, and we expect to take the brand to more people across the globe. Under Anthony’s leadership, Seafolly has grown over time into one of the strongest lifestyle beach brands, and we look forward to partnering towards a new chapter in the brands growth.”
The investment in Seafolly will be the 19th investment by L Capital Asia and marked its 4th investment behind an Australian brand.