It marks the second time in four years that the troubled swimwear brand has fallen under.

A notice posted to ASIC on Tuesday revealed external administrators had been appointed to the company.

Glenn Franklin and Jason Stone of PFK have been jointly appointed as of March 4, the Australian Financial Review reported.

Tigerlily directors, Michael Alscher and Ziying Sun of private equity firm Crescent Capital, stepped down from their roles in January, according to ASIC documents.

The brand, known for their vibrant patterned swimwear, had 10 stores across Australia, with a range of other stockists spotted across the country.

The company previously went into voluntary administration in 2020, when administrator Scott Langdon said the decision came after a drop in sales during the pandemic.

“It reduced the number of people coming through shopping centres, which reduced sales in an already challenging environment,” he 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.”

More to come.