Women’s swimwear label Seafolly has acquired its rival Tigerlily, offering a lifeline for the struggling brand following its voluntary administration.

Seafolly – owned by Hong Kong-registered Bondi Brands Group – has bought the brand from private equity firm Crescent Capital Partners via a deed of company arrangement for an undisclosed sum, Capital Brief reported.

The company plans to relaunch Tigerlily early next year following a restructure, according to sources with knowledge of the deal. 

Founded in 2000 in Sydney, Tigerlily is known for its patterned dresses and bikinis. The brand was acquired by Crescent Capital in 2017, but fell into voluntary administration in March 2020, largely due to the impact of Covid-19.

The business started to reemerge after Travis Wright, former GM of Esther & Co, became CEO in 2021.

However, the brand entered into voluntary administration for the second time in early March, just months after it announced a potential sale to a new owner.