L Capital Asia acquires controlling stake in Australian swimwear brand

L Capital Asia is acquiring a controlling interest in the Australian swim wear brand, Seafolly, as the private equity fund continues to grow its portfolio in the regional lifestyle and F&B sectors. -- PHOTO: NEW PAPER FILE
L Capital Asia is acquiring a controlling interest in the Australian swim wear brand, Seafolly, as the private equity fund continues to grow its portfolio in the regional lifestyle and F&B sectors. -- PHOTO: NEW PAPER FILE

SINGAPORE - L Capital Asia is acquiring a controlling interest in the Australian swim wear brand, Seafolly, as the private equity fund continues to grow its portfolio in the regional lifestyle and F&B sectors.

The investment is estimated in the region of US$50-100 million.

Seafolly sells its products in 40 concept stores globally, including three in Singapore.

Said L Capital Asia's chairman and managing partner Mr Ravi Thakran: "Seafolly invokes Australian summer and beaches in people's minds across the world, and we expect to take the brand to more people across the globe."

Seafolly adds to a growing list of regional lifestyle and consumer brands that the LVMH-backed, Asia-focused private equity fund has invested in or acquired in recent years.

These include Charles & Keith in 2010, Hong Kong's Ming Fung Jewellery in 2011, India's fashion brand Fabindia in 2012. Early this year, it acquired over 90 per cent stakes in high-end Chinese restaurant chain Crystal Jade.

With Seafolly, L Capital Asia intends to broaden the brand into other product categories while pushing for entry into new markets.

"Our partnership with L Capital cements plans for international expansion and the development of Seafolly into a full lifestyle brand," chief executive of Seafolly, Mr Anthony Halas, said.

"This is a very exciting time for Seafolly as our core focus has been the swim market of which we are the global leader."