Creditors of a popular Australian swimwear brand, which has been placed into administration for the second time in four years, are expected to meet next week.
Tigerlily Swimwear appointed Glenn Franklin and Jason Stone of PKF as administrators on March 4.
The brand was founded in 2000 in Sydney by Jodhi Meares, a model and former wife of media and video game billionaire James Packer.
The company’s creditors are expected to meet for a second time next Thursday, according to a notice published by ASIC on Wednesday, having already met once on March 15.
The purpose of the meeting is to decide on the future of the company.
Tigerlily Swimwear appointed directors Glenn Franklin and Jason Stone of PKF on March 4 (pictured, Jesinta Franklin modeling Tigerlily in 2017)
Tigerlily was bought by Sydney private equity firm Crescent Capital in 2017 from struggling Billabong for $60 million.
The brand’s previous collapse into voluntary administration was handled by KordaMentha in 2020 after the Covid pandemic affected retail sales.
Travel restrictions combined with a drop in foot traffic have had a significant impact on the brand.
Despite emerging from that setback, Crescent hired Deloitte to find a buyer for Tigerlily last year, which proved unsuccessful.
Tigerlily had recently attempted to expand its range from its roots of bikinis and patterned dresses to bohemian-inspired knits, boots and even candles.
The brand has approximately 10 stores across Australia and approximately 40 global wholesale partners.
Early last year, it made a targeted push into US e-commerce in an effort to balance Australia’s declining winter sales with the US summer season.
Tigerlily was founded in 2000 in Sydney by Jodhi Meares, a model and former wife of media and video game billionaire James Packer.
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