×
75 816
Fashion Jobs
HSN
Buyer I-Lancome, Haircare, Faux Hair Sampling, Color & Nail
Permanent · ST. PETERSBURG
QVC
Strategic Pricing Planner
Permanent · WEST CHESTER
HSN
Senior Manager of Content
Permanent · ST. PETERSBURG
SALLY BEAUTY CORPORATE
Direct Brand Manager
Permanent · SEATTLE
SALLY BEAUTY CORPORATE
Direct Brand Manager
Permanent · ALEXANDRIA
NEIMAN MARCUS
Sales Director - Northpark
Permanent · Dallas
CORPORATE
Loss Prevention Market Manager, Northwest
Permanent · San Francisco
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Woodland (MI)
Permanent · Grand Rapids
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Valencia
Permanent · Santa Clarita
ABERCROMBIE KIDS STORES
Abercrombie Kids - Brand Representative, Vintage Faire
Permanent · Modesto
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Visalia
Permanent · Visalia
HOLLISTER CO. STORES
Hollister CO. - Brand Representative, Victor Valley
Permanent · Victorville
MACY'S
Asset Protection Detective, Castleton - Flex
Permanent · Indianapolis
MACY'S
Retail Fulfillment Associate, Chandler Fashion Center - Full Time
Permanent · Chandler
MACY'S
Retail Fulfillment Associate, Tippecanoe Mall - Full Time
Permanent · Lafayette
MACY'S
Retail Fulfillment Associate, Lehigh Valley - Full Time
Permanent · Whitehall
RALPH LAUREN
Sales Professional
Permanent · New York
RALPH LAUREN
Associate Manager
Permanent · San Marcos
OLD NAVY
Assistant General Manager, Merchandise - Lompoc Center (New Store)
Permanent · LOMPOC
URBN
fp Movement Stylist
Permanent · KING OF PRUSSIA
URBN
fp Movement Stylist
Permanent · KING OF PRUSSIA
OLD NAVY
Asset Protection Coordinator - Southroads s/c
Permanent · TULSA
Published
Feb 23, 2017
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Billabong offloads bikini brand Tigerlily for $60m

Published
Feb 23, 2017

Battling surf group Billabong has reportedly sold its bikini brand Tigerlily for AU$60 million (US$46.15 million), much less than previous valuations given by experts.


Billabong's Tigerlily is now owned by investors Crescent - Tigerlily


According the Australian Financial Review, Billabong has sold its Tigerlily brand to Crescent Capital Partners for $60 million -- some $40 million less than previous valuations.

However, Billabong did manage to offload Tigerlily for ten times more than its purchase price of $5.8 million -- when Billabong took over the promising bikini outfit from founder Jodhi Meares in 2007 -- and more than its book value of just $3.6 million.

Specialist firm Houlihan Lokey acted on Billabong's behalf for the Crescent Capital deal, with Gilbert + Tobin and PwC advising Crescent.

In late December, it was reported that Tigerlily had attracted the eye of LVMH's private equity arm L Capital Asia, with the AFR adding the investor group had unofficially entered into talks Houlihan Lokey. All parties at the time declined to comment.

Crescent Capital Partners is a Sydney-based private equity firm investing in middle market companies located in Australia and New Zealand with enterprise values between A$50 million and A$300 million. It currently owns mineral makeup brand Nude by Nature, as well as several health, tech and manufacturing brands. It sold its stake in online surf retailer SurfStitch in late 2015.

Over the past nine years, Tigerlily generated sales of $30 million and earnings of $7 million to $8 million for Billabong. The brand has also entered foreign markets such as New Zealand, The Philippines and Hong Kong.

In its last fiscal year, Billabong reported a revenue of $1.1 billion, with an EBITDA of AUD57.5 million. For the 2016-17 fiscal year, which kicked off with a weak first four months, the group expects an EBITDA ranging between $60 million and $65 million.

Billabong will release its December-half results on Friday.

 

Copyright © 2023 FashionNetwork.com All rights reserved.