Inside the big business of bikinis: From billion-dollar empires to Aussie brands ruling the runway
The humble bikini has gone from a once-seasonal fashion item to an industry worth billions of dollars. Meet the Aussie swimwear moguls ruling the runway.
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Bikinis and one-pieces have gone from a once-seasonal fashion category to an industry worth billions of dollars, with Australian brands leading the charge.
From Zimmermann – the Sydney-based label recently sold for $1.76 billion – to Triangl and Bond-Eye, Australian swimwear brands are not only raking in the big bucks but making their mark internationally.
Globally, the swimwear category was valued at $19.8 billion in 2022, and is projected to reach $30.9 billion by 2032.
Major players on the Australian swim scene include Bond-Eye and Bondi Born – both taking their names from the country’s bikini capital, Bondi Beach – as well as IIXIIST (owned by AFL WAG and businesswoman Rebecca Klodinsky) and Triangl. Others known for popular swimwear collections include fashion brands Zimmermann, Matteau and SIR. The Label.
Industry commentator Erin Deering – who co-founded (and later sold her stake in) mega bikini brand Triangl, a reported $45 million business – said swimwear had “shifted a decade ago into being a necessary category to purchase”.
Deering said bikinis and one-pieces were often an “easy sell”, as they played into a summer and holiday consumer mindset.
“Adding on to this, the body positivity movement that has gotten a lot louder (thank goodness!) in recent years means we all want to feel and look our best even in our more exposed situations,” Deering said, ahead of the launch of her memoir Hanging By a Thread later this month.
“Social media has meant we are documenting every single thing we do, especially a holiday – so we need to rock that new bikini when we are going to be posting about our movements more.”
Having built a brand worth an estimated $20 million, Bond-Eye founder Steve Philpott said swim had “morphed into a lifestyle category incorporating pieces that cross from swim into fashion and ready to wear items for any occasion”.
“With travel picking up again post-Covid and everybody making up for lost time, we saw strong growth here in Australia and New Zealand this last winter season – and had our biggest local season on record,” Philpott said.
Coming off what he described as a “stratospheric” growth period during the pandemic, Philpott said sales had stabilised due to a “global wide slowdown in all major markets”.
“Swimwear, thankfully, is one of those fortunate categories where it’s not too expensive and it’s a feel-good purchase that doesn’t break the bank,” he said.
Founded in 2011, Bond-Eye has shown on the runway at Miami Swim Week and is now sold on leading US e-store Revolve, and is having huge success overseas, particularly in the US.
“What we have seen is a strong focus on the purchasing of quality fashion swimwear made to last beyond a season,” Philpott said.
“The traditional rigid buying seasons are not what they used to be and consumers are buying fashion pieces when they want and need them.”
Bondi Born founder Dale McCarthy said swimwear had evolved in the past four to five years to reach a broader consumer.
“Swimwear can take you straight from beach to a bar or can be worn just like any summer top in your wardrobe,” McCarthy said (the net worth of Bondi Born has not been made public).
“This is probably why we’ve also noticed over the past few years a trend of women buying into rich, bright colours and not just black – which used to be the very dominant preference. They now want their swim to complement their summer ready to wear.”
Australian Retailers Association chief executive Paul Zahra noted the luxury swim market – where a brand like Zimmermann sells its suits priced above $300 – was holding firm in the current economy.
“In the luxury fashion market, the typical shopper is less likely to be severely impacted by cost-of-living pressures,” Zahra said.
“There will always be a luxury shopper. More and more, swimwear has become a fashion statement with luxury swimwear designed to go from a cafe to the beach. Swimwear sales will naturally increase heading into summer as most bodies and fashion change from year to year, luring consumers to update.”
However, Zahra predicted the industry may face a tough time in the months to come given the broader cost of living crisis.
“Swimwear – like other clothing and fashion – is a mostly discretionary purchase and may be tempered by cost of living pressures,” he said.
“Having basic swimwear may be considered an essential purchase for some, and this is typically where shoppers will value-shop.”
ZIMMERMANN
Owners: Founded by sisters Nicky and Simone Zimmermann, the majority stake of the Sydney-based company was sold to US private equity firm Advent International.
Worth: $1.76 billion-plus
Known for: Luxury bikinis and one-pieces, priced from $250 to $400, that are designed to be worn in and out of the water.
BOND-EYE
Owner: Steve Philpott
Worth: An estimated $20 million
Known for: Multi-functional swimwear that doubles as bodysuits, made in its trademarked “Authentic Crinkle” fabric. “Dressed up or down, paired with denim shorts, a skirt or a blazer. No rules,” Philpott said. Much of Bond-Eye’s growth has come from online.
TRIANGL
Owners: Founded by Erin Deering and Craig Ellis. Deering left the brand in 2018.
Worth: $45 million-plus
Known for: Revolutioning the under $200 swimwear market. Current bestsellers include the “Vinca” bikini ($175) and the “Minca” two-piece in marina sparkle fabric ($175).
IIXIIST (FORMERLY FRANKII SWIM)
Owner: Rebecca Klodinsky
Worth: $20 million-plus
Known for: Eco-friendly swimwear made using only 100 per cent recycled ocean-waste and Lyrca. Garments are ethically produced in Australia, with a small supply chain.
SIR. THE LABEL
Owners: Nikki Campbell and Sophie Coote
Worth: Not disclosed
Known for: A fashion brand that has a cult swimwear line within it, priced around $100 for bikini tops and $140 for matching briefs, with one-pieces around $300.
BONDI BORN
Owner: Dale McCarthy
Worth: Not disclosed
Known for: Meticulously fitted swimwear that flatter the silhouette and supports the bust. Current bestsellers include the Mackinley, Victoria and Eleanor one-pieces.
MATTEAU
Owners: Sisters Peta Heinsen and Ilona Hamer
Worth: Not disclosed
Known for: An elevated resort and swimwear brand, Matteau is known for its chic and simple bikinis and one-pieces. Made from 80 per cent recycled nylon and 20 per cent elastane, its swimwear styles consider all bust shapes and sizes and provide a range of coverage options, from barely there to athletic-inspired cuts, with classic triangle styles and scoop-necked one-pieces.
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Originally published as Inside the big business of bikinis: From billion-dollar empires to Aussie brands ruling the runway
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