Australian designer swimwear brand Tigerlily has just entered voluntary administration, as coronavirus continues to hit retail businesses all over the world.
According to partner Scott Langdon from KordaMentha, the business is continuing to trade, although that may be reduced given the current retail climate and based on future recommendations from the government.
Langdon added that it is inevitable that there will be some store closures, although the administrators are currently working through that right now. There is also the possibility of the business going online in the future. All staff and sites have been notified.
“Tigerlily was impacted negatively by the downturn in the retail sector but more particularly, coronavirus,” Langdon told Inside Retail. “There was limited foot traffic through shopping centres and therefore sales.”
“Without a doubt, the sales data is overwhelming that it’s definitely significantly slowed since coronavirus has come through. It’s incredibly telling.”
“We are looking to sell the business as a going concern and preserve as many jobs as possible through the challenging situation.”
Launched by supermodel Jodhi Meares 21 years ago, Tigerlily currently has 30 bricks-and-mortar stores in its network and was a well-loved brand by celebrities and high-profile personalities.
The troubled company has had a few challenges lately. CEO Chris Buchanan and CFO Steven Hill left the business earlier this year, only a few months after the brand underwent a massive transformation to celebrate its 20th anniversary.