Future uncertain for Megan Gale’s Isola
Following the announcement of the split, Gale has taken full ownership of the business. However, she remains undecided on its future. She confirmed on social media the two had decided to part ways, stating that Seafolly’s focus was now on overseas markets, where Isola’s growth was limited.
LVMH’s Asia-based private equity firm, L Capital, acquired a majority stake in Seafolly in December 2014, with plans for aggressive international expansion. “After six successful, wonderful seasons together partnering with Seafolly, we have decided to part ways,” Gale said.
“The brand has had amazing growth in sales and awareness year on year and stocked in 100 stores nationally so you may ask, ‘why the hell would you stop?!’ We were limited in growing Isola overseas, mainly the US, and Seafolly’s focus now is more global,” she said.
“I will now retain full ownership over the brand. I’m resting the brand for at least a season. which seems like the smartest thing I can do, while I consider my options – whether to run the business myself or partner with someone new.”
Seafolly was started in 1975 by the Halas family, with Anthony Halas in control of the company, and has achieved more than $100 million in revenue, selling through a network of international partners, including Myer, Selfridges, Nordstrom, and Galeries Lafayette. There are 14 Seafolly stores and 23 Sunburn Stores in Australia, and a further six in Singapore and California.