Billabong (BBG) has announced today that it has acquired the swimwear company Tigerlily from founder Jodhi Meares.
Billabong said the acquisition is expected to be earnings per share positive in its first full year in the Group.
"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 CEO Derek O'Neill.
"It is a brand with a strong profile and market acceptance.
"We plan to retain its immediate focus on the Australian market and, over time, we will explore opportunities in other territories."
Ms Meares, who will remain with the business in a creative role, said the sale would help Tigerlily fast-track its domestic growth, with Billabong providing the support to enable growth.
"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.
Tigerlily is expected to contribute less than 1% of group sales in its first year in the Billabong group.
Shares in Billabong rose by 3 cents to close up at $14.73.
