Tigerlily the latest fashion casualty, citing difficult retail environment and COVID-19

Tigerlily goes into administration following executive exodus.

Tigerlily

Just over a month after two executives left the company, fashion and swimwear label Tigerlily has called in the administrators.

In a statement on Monday, both the current state of the retail industry and the impact of the COVID-19 pandemic were cited as the considerations behind the decision.

Scott Langdon of administrator KordaMentha Restructuring, which is overseeing the administration process, said that “a sale of business process will commence immediately and we expect a high level of interest in the business given the strong brand and its reputation”.

Tigerlily will continue to trade on a limited basis during this process.

Given the already difficult retail environment, the coronavirus pandemic could be the final nail in the coffin for many brands and retailers.

On February 5, chief executive Chris Buchanan and chief financial officer Steven Hill departed the Sydney-based company, which had undergone a major branding overhaul at the end of last year in anticipation of its 20th anniversary this year.

The brand is owned by Crescent Capital Partners, which bought the company from Billabong in 2017 for a reported $60m.

The company was founded by Jodhi Meares in 2000.