Australian surfwear company Billabong is buying the Tigerlily swimwear business from Jodhi Meares. The acquisition comes as Billabong seeks to broaden its girls’ business.
“We have been seeking to expand our girls’ business and Tigerlily, with its accent on swim, is very complementary to our Billabong Girls brand,” said Billabong chief executive Derek O’Neill.
While Billabong did not reveal what it will pay for the operation, it said the acquisition would be profitable in the first year. Tigerlily is not expected to contribute more than 1% of group sales in its first full year with Billabong.
O’Neill said Tigerlily is a brand with a strong profile and market acceptance, and Billabong plans to retain its immediate focus on the Australian market.
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“Over time, we will explore opportunities in other territories,” he said.
Meares, who will be retained in the business in a creative role, said the sale would help Tigerlily fast-track its domestic growth, with Billabong providing the support to grow the brand.