Billabong International Ltd. agreed to buy Tigerlily swimwear for an undisclosed price, its first acquisition exclusively focused on female clothing.
Tigerlily will add to earnings in its first full year of ownership and contribute less than 1 percent to the group's sales.
“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 officer Derek O'Neill. “It is a brand with a strong profile and market acceptance.”
He added, “We plan to retain its immediate focus on the Australian market and, over time, we will explore opportunities in other territories.”
Tigerlily was founded by Jodhi Meares, the former wife of Australia's richest man, James Packer. Meares will stay with the business in a creative role, Billabong said.
