(Following is a release from Australian clothing retailer
Billabong International Ltd (BBG.AX))
SYDNEY, Dec 7 - Billabong International Limited has today
reached agreement to acquire Australia's Tigerlily swimwear and
apparel business from founder Jodhi Meares.
Billabong International Limited chief executive officer
Derek O'Neill said Tigerlily represents the Billabong Group's
first acquisition focusing exclusively on the girls market.
"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 Mr O'Neill.
"It is a brand with a strong profile and market
"We plan to retain its immediate focus on the Australian
market and, over time, we will explore opportunities in other
Ms Meares said the sale would help Tigerlily fast-track its
domestic growth, with Billabong providing the necessary support
to enable the brand to realise its vision.
"I've admired the Billabong business for many years and I'm
continually drawn to the fact that it is a company built around
a lifestyle," she said.
"It is a philosophy that I've been mindful of in the growth
of Tigerlily so it's an entirely appropriate fit."
Ms Meares is remaining with the business in an active
Tigerlily is expected to contribute less than 1% of Group
sales in its first full year in the Billabong Group. The
acquisition is expected to be earnings per share positive in
its first full year in the Group.