Swimwear brand Tigerlily collapses into administration for a second time

It had Kerry and James Packer at its launch and model Kristy Hinze famously wore a diamond-encrusted bikini with a diamond python around her neck, now Tigerlily has collapsed for a second time.

Bikini and fashion brand Tigerlilly has collapsed for a second time.

It had father and son billionaires Kerry and James Packer at its launch and model Kristy Hinze famously wore a diamond-encrusted bikini with a diamond python around her neck, but now swimwear and fashion brand Tigerlily has collapsed for a second time.

Tigerlily, founded by the former wife of James Packer, Jodhi Meares, has collapsed into voluntary administration for a second time since its creation in 2000.

According to documents lodged with ASIC, Glenn Franklin and Jason Stone of PKF were appointed administrators to Tigerlily on March 4. It comes just as the Australian fashion industry seeks to celebrate and showcase its achievements with the Melbourne Fashion Festival kicking off this week.

The Tigerlily business, famous for its colourful and playful bikinis and which later branched out into other fashion categories, last collapsed into administration in 2020.

Kerry Packer with son James during launch of Jodhi Packer's Tigerlily swimwear collection in Sydney in 2020, during Australian Fashion Week. Picture: Pip Blackwood

Tigerlily’s owner, Crescent Capital, had been looking for a buyer for some time after it bought the Tigerlily business from surfwear outfitter Billabong International for $60m in 2017. In December 2007, Ms Meares had sold the label to Billabong International for $5.8m. Ms Meares stayed on board for a time after the sale before setting up activewear company The Upside.

It was only a few years ago that its then owners Crescent Capital sought to relaunch and revitalise the Tigerlily brand, when in late 2019 the bohemian-inspired fashion label unveiled a whole new brand identity, wiping its Instagram archive clean and starting afresh.

At the time, it was in preparation for its 20th anniversary, with then chief executive Chris Buchanan telling The Australian that the company had been undergoing a “brand audit” for the previous 12 months.

“Over the last 20 years, we realised girls don’t come to buy a piece of clothing, they come to buy a piece for their adventures. We help them to make memories,” said Buchanan at the time.

Part of that refresh for Tigerlily saw it open a new store in line with the new identity at Melbourne’s Emporium, its fourth store in that city. The launch of the new identity was showcased heavily on Instagram, where the company shocked its 332,000 followers by doing a full wipe of its archive of 4300 images.

Designer Jodhi (nee Meares) Packer (R) with model wearing her Tigerlily swimwear in 2001. Picture: Michael Perini

Tigerlily was often a star attraction of many local fashion festivals. It grabbed attention with its effervescent catwalk shows at Australian Fashion Week in its early days. In 2000, international model Eva Herzigova wore a $500,000 pearl-encrusted bikini on the catwalk, while the following year Kristy Hinze famously wore a diamond-encrusted bikini with a diamond python around her neck.

The Australian’s Data Room reported late last year that L Capital Asia, backed by luxury goods giant LVMH, had looked at Tigerlily when it was up for sale by Billabong and before Crescent Capital bought the business.

For the 2023 financial year, Tigerlily generated $18m in annual revenue, and it has grown 34 per cent over three years. For 2023 its cost of goods sold was $7.5m, operating expenses $13.6m and normalised earnings before interest, tax, depreciation and amortisation slipped to a negative $2.6m.

Model Kristy Hinze with python around her neck, is wearing a diamond-encrusted bikini in Tigerlily range on the first day of Australian Fashion Week at Fox Studios in Sydney, 2001. Picture: Brett Costello