Another iconic Aussie fashion brand, known for their boho swimwear and women’s fashion designs, has fallen victim to the dwindling retail industry.
Tigerlily has announced that they have gone into voluntary administration, with the coronavirus outbreak being the final nail in the coffin for the brand.
KordaMentha has been appointed as administrator for the chain, which has 30 stores across the country and global sales online.
A statement released by Tigerlily on Monday said that despite recording annual sales of around $35 million, the recent coronavirus outbreak was the final straw for them as they saw a significant drop in sales.
The statement was released through administrators Scott Langdon and Jenny Nettleton, according to the Australian Financial Review.
“It reduced the number of people coming through shopping centres, which reduced sales in an already challenging environment,” Mr Langdon said.
“A sale of business process will commence immediately and we expect a high level of interest in the business given the strong brand and its reputation.”
At this stage it’s not yet known whether stores will close or if employees could lose their jobs. They will continue to trade “on a limited basis” for the time being.
Mr Langdon believes that there will be lots of interest in the sale of Tigerlily as it has had strong sales in the past.
Tigerlily was founded by model Jodi Meares in 2000 and has since been sold in stores like David Jones as well as it’s own shops.
This is just the latest retail brand to go into voluntary administration, following in the footsteps of Colette by Colette Hayman, Kiki K, Bardot and more.