Australian swimwear brand Seafolly and Colombian beachwear brand Maaji are the first signings for a global lifestyle platform launched by L Catterton Asia.
Based in Singapore, L Catterton Asia is an arm of private equity firm L Catterton, formed last year through a partnership between Catterton, LVMH and Groupe Arnault. It will be the controlling shareholder of the combined business, with the Maaji and Seafolly founders as minority shareholders.
It is the first step in the aggregation of the fragmented swimwear/beachwear industry.
Seafolly was founded in 1975 by Peter and Yvonne Halas, and has been led by Anthony Halas since he became CEO in 1998. He has built the business across international markets in Europe, North America and Asia. L Catterton Asia acquired a controlling interest in the brand in December 2014, and now it is sold in 41 countries (there are four stores in Singapore) as well as online.
Maaji was founded by sisters Manuela and Amalia Sierra in 2002, and has a presence in more than 54 countries.
“With this unparalleled combination of Maaji and Seafolly we look to grow our portfolio and create the largest independent house of beach lifestyle brands,” says L Catterton Asia chairman/managing partner Ravi Thakran. “This combination will drive many synergies, including geographic expansion, retail rollout and product sourcing.”
L Catterton Asia’s goal is to preserve each brand’s DNA and heritage, while enabling the brands to enhance their global growth.
Previously known as L Capital Asia, L Catterton Asia was launched in 2009 and manages more than US$1.6 billion across two private equity funds, and more than US$2 billion including co-investments. It has offices in Singapore and Mauritius, with further regional advisory presence in Hong Kong, Mumbai, Shanghai and Sydney. Its investments include Charles & Keith, Crystal Jade, Pepe Jeans Group and YG Entertainment, which promotes Korean singers and entertainers like Big Bang and Psy.