L Catterton Asia has combined its portfolio company Seafolly with Maaji. Financial terms weren’t announced but L Catterton Asia will be the controlling shareholder of the combined business. Founders of both businesses will continue as minority shareholders. Maaji is a Colombian beachwear brand that was co-founded by sisters Manuela and Amalia Sierra. L Catterton Asia is the Asian arm of L Catterton.
SINGAPORE and AUSTRALIA and COLOMBIA, April 3, 2017 /PRNewswire/ — L Catterton Asia, the Asian arm of the world’s largest consumer-focused private equity firm L Catterton, which was formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is pleased to announce the creation of the leading global swimwear and beach lifestyle platform. This unique house of brands is formed through a combination of existing portfolio company SEAFOLLY, the number one swimwear brand in Australia with MAAJI, the leading Colombian beachwear brand. L Catterton Asia will be the controlling shareholder of the combined business, with the founders of both businesses continuing as minority shareholders. This industry-defining move is the first step in the aggregation of the fragmented swimwear/beach wear industry, made possible in large part by leveraging the global footprint of the L Catterton platform.
SEAFOLLY is one of the world’s most recognized swimwear and beach lifestyle brands, known for its innovation and fit, with a unique history drawing inspiration from the spirit of the “Australian Summer”. Founded in 1975 by Peter & Yvonne Halas, the brand was led by Anthony Halas since 1998 when he became CEO, and since, has gradually built the business across several international markets in Europe, North America and Asia. In December 2014, L Catterton Asia acquired a controlling interest in SEAFOLLY. Following the investment, the company has continued to grow both domestically and internationally. Today SEAFOLLY is sold in 41 countries, through leading retailers and major online sites, in 32 SEAFOLLY stores (22 in Australia, 6 in the U.S. and 4 in Singapore) and through its own Direct to Consumer e-commerce.
MAAJI has been dedicated to the design and marketing of whimsical and innovative beachwear since 2002. Influenced by their Colombian heritage, the family’s entrepreneurial spirit and commitment to contributing to the sustainable development of the country, Manuela and Amalia Sierra, co-founders and sisters, began pursuing their dream of creating a brand that would enchant the world with its unique inventiveness. The Colombian beachwear leader, with presence in more than 54 countries, has 12 stand-alone stores across the Americas, as well as numerous partners such as Nordstrom, Revolve, Amazon, Zappos, Neiman Marcus, Anthropologie and Bloomingdales.
Commenting on the transaction, Chairman and Managing Partner of L Catterton Asia, Ravi Thakran, stated: “With this unparalleled combination of SEAFOLLY and MAAJI, we look to grow our portfolio and create the largest independent house of beach lifestyle brands. The two brands are market leaders from two large, but distinct beach destinations – Australia & Latin America, with each possessing a very unique style and positioning. When we invested in SEAFOLLY, we had at that stage, envisioned a roll-up strategy to aggregate a portfolio of high quality beachwear brands in a market segment that is large, growing, but highly fragmented. MAAJI was the type of unique brand than we wanted to bring on board. This combination will drive many synergies, including geographic expansion, retail rollout and product sourcing. This combination also allows us to play on our strengths as being part of the world’s largest consumer-focused private equity firm as we were able to effectively look at a combination of businesses from two very different geographies with the support of our Latin America team.”
With L Catterton Asia’s investment, extensive network, deep global consumer understanding and leadership in brand building, SEAFOLLY and MAAJI plan to expand their markets and grow existing and new swimwear and beach lifestyle product categories such as active-wear, resort-wear and accessories. The goal is to preserve each brand’s DNA and heritage, while enabling the brands to enhance their global growth.
Founder of Seafolly, Anthony Halas stated, “Seafolly is currently a leader in swimwear and beach lifestyle, offering innovative designs and unparalleled fit. Coupled with MAAJI and bringing together our target markets and value propositions, this merger will create a unique and powerful offering on the global landscape. With the backing of L Catterton Asia, we will gain access to their ability to source supplies, improve product distribution and enhance retail channels.”
“This partnership is a critical step towards achieving our vision of positioning ourselves as a global beach lifestyle leader while continuously meeting the high-quality demand of our #RealMermaids. SEAFOLLY and MAAJI rank among the most creative, unique and innovative beach lifestyle brands in the market; we believe joining forces with them through our new admired partner L Catterton Asia, will enable us to deliver game-changing products and experiences to our consumers,” said Miguel Piedrahita, MAAJI’s CEO.
About L Catterton Asia
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world, operating six distinct fund strategies out of seventeen offices located across five continents. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage and the strong track record of LVMH and Groupe Arnault’s existing European and Asian private equity and real estate operations, then conducted under the L Capital and L Real Estate franchises.
L Catterton Asia (previously known as L Capital Asia) was launched in 2009, and manages over US$ 1.6 billion across two private equity funds, and over US$ 2 billion including co-investments. It has offices in Singapore and Mauritius, with further regional advisory presence in Hong Kong, Mumbai, Shanghai and Sydney. L Catterton Asia invests in select consumer lifestyle businesses that will benefit from growing discretionary consumption in Asian markets. L Catterton Asia leverages its strategic relationship with LVMH and Groupe Arnault across the entire investment process, from proprietary deal origination and industry-specific due diligence to post-investment operational value-add to its portfolio companies. L Catterton Asia’s investments include: Trendy International, Charles & Keith, Pepe Jeans Group, Crystal Jade and YG Entertainment—which is behind famous Korean singers and entertainers such as PSY, Big Bang and 2NE1.
SEAFOLLY’s vision is to become the world’s most iconic swimwear and beach lifestyle brand. Founded in 1975, SEAFOLLY has become synonymous with Australian beach lifestyle – spirited, aspirational and naturally beautiful. There’s no place like the Australian beach and SEAFOLLY has helped shape unforgettable summer moments since its inception.
Known for its dedication to fashionability and superior fit, SEAFOLLY continues to set the standard for continuous originality of on-trend swimwear, cover ups, active swim, active wear, accessories and girls’ swimwear. Bold statement prints and colors, flattering specialty fits, fashion-forward fabrications, and thoughtful design details all encapsulate and reflect SEAFOLLY’s love of innovation, quality and authenticity.
SEAFOLLY is desirable to women of all ages and sizes, which makes it well known and frequently stocked around the world. The brand’s seasonal marketing campaigns are infamous, featuring world recognisable talent such as Gigi Hadid, Miranda Kerr, Jessica Hart and Shanina Shaik.
SEAFOLLY is sold in over 2,700 doors in 41 countries, through its own channels, leading retailers and major online sites. There are 32 SEAFOLLY concept stores (22 in Australia, 6 in the US and 4 in Singapore), with the next new US store opening in Westfield Century City, Los Angeles, in August 2017. The company ships to Australia and the US through its own ecommerce site. SEAFOLLY also operates another premium swimwear and apparel resort brand, Miléa, and a chain of multi-brand swimwear stores under the Sunburn banner.
MAAJI is a purpose driven company. The brand exists to inspire and surprise #RealMermaids. Each collection is inspired by a magical surreal story and the result of a careful creative process. The MAAJI prints speak to the theme of every collection and are developed in house by our creative team. Innovation is the hub of this whimsical world full eclecticism and attitude.
All MAAJI lines: Swimwear, Active-wear, Cover-Ups, Kids, Trunks and Accessories balance a unique mix of colors, shapes, cutting-edge silhouettes, textures and ubiquitous presence of details that define the brand’s philosophy. Their commitment to generating products of excellent quality, design, and innovative technology is illustrated in their creations and in every single detail of their garments. Each MAAJI swimsuit is completely reversible – offering two looks in one garment.
Their target market, the #RealMermaid, travels the world creating her own path. She takes pleasure in finding the uniqueness and surprises each day can bring. She is confident and reflects her beauty in her attitude and her actions. The MAAJI girl knows that good planets are hard to find and feels proud to be an Earth Warrior.
The Colombian beachwear leader, with presence in more than 54 countries, has 12 stand-alone stores across the America´s, as well as numerous partners such as Nordstrom, Revolve, Amazon, Zappos, Neiman Marcus, Anthropologie and Bloomingdales.
As a proud Colombian Brand, MAAJI’s label reads: Made in Colombia with love. Colombia, a country full of charm, beauty and diversity is the perfect backdrop for the evolution of a brand with both magic surrealism and eclectic romanticism.