The owner of Australian swimwear brand Seafolly has bought Colombian beachwear brand Maaji to create a new global swimwear and beach lifestyle business.
The two brands’ owner, private equity firm L Catterton Asia, will be the controlling shareholder of the combined business. The founders of both brands will continue as minority shareholders.
Seafolly was founded in 1975 by Peter and Yvonne Halas and L Catterton Asia acquired a controlling stake in December 2014. Today, the firm is sold in 41 countries and has 31 standalone stores.
Maaji was founded by sisters Manuela and Amalia Sierra and has a presence in 54 countries, with 12 standalone stores. It is stocked by retailers including Nordstrom, Revolve, Amazon, Zappos, Neiman Marcus, Anthropologie and Bloomingdales.
“When we invested in Seafolly, we had at that stage envisaged a roll-up strategy to aggregate a portfolio of high quality beachwear brands in a market segment that is large, growing, but highly fragmented,” said L Catterton Asia chairman and managing partner Ravi Thakran.
“This combination will bring many synergies to the fold, including geographic expansion, retail rollout and product sourcing.”