Iconic Australian swimwear brand Seafolly has joined the long list of retailers to fall victim to the coronavirus pandemic, with the company announcing it has called in administrators.
KordaMentha Restructuring today said it had been appointed to assess the bikini business, which helped launch the careers of supermodels including Jessica Hart, Shanini Shaik, Miranda Kerr and Gigi Hadid.
Camera IconJessica Hart models for Seafolly. Credit: Simon Upton/Supplied
But, after the coronavirus pandemic closed stores around the country and cancelled holiday plans, the company joined a long list of retailers which were struggling.
“Seafolly made the appointment because of the crippling financial impact of the COVID-19 pandemic,” administrator Scott Langdon said.
Customers are being assured it will be “business as usual” in its 44 Australian stores and 12 stores overseas while administrators assess the business.
Camera IconGigi Hadid models for Seafolly. Credit: Enrique Badulescu
Mr Langdon said gift cards were still valid and customers will still be able to use Beach Club Rewards points.
“We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points” he said.
Model Elyse Knowles last year featured in a campaign for Seafolly, which she described as a “major accomplishment” in her career.
Camera IconMiranda Kerr poses for Seafolly. Credit: chris colls
“I approached them and said ‘I really want to work with you’,” Elyse told The Daily Telegraph.
“I sent it to them and said, “this is what I can do. I’m sure we can do something bigger and better.
“It shows if you take the initiative, it will pay off.”
Camera IconElyse Knowles models for Seafolly. Credit: Supplied
Mr Langdon said a buyer for the company would now be sought.
“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” he said.
Seafolly was founded in 1975 by Bondi couple Peter and Yvonne Halas.
It started out as “Peter’s Folly” before being rebranded and now has stores around the world, including in Singapore and in California.
Since 1998, the couple’s son Anthony Halas has been CEO of the company, which once boasted up to a 30 per cent market share in Australia.
“That means if you went to Bondi Beach, almost every third woman will be wearing Seafolly,” Mr Halas told the Daily Mail.