SYDNEY – L Catterton Asia has acquired Colombia’s Maaji Swimwear to create a merger with Australia’s Seafolly, as part of a strategy to build a global beach lifestyle retail platform generating $500 million in sales within the next five years.
The Singapore-based arm of the LVMH-backed private equity firm said Tuesday it has acquired 100 percent of the Colombian brand for 50 million Australian dollars, or $38 million (1.3 times sales and 10 times earnings), with plans to create a new yet-to-be-named combined Seafolly/Maaji group that will be headquartered in Sydney.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)