The Australian Financial Review reports that L Capital Asia, a private equity arm for the LVMH group, is eying the Tigerlily brand of swimwear owned by Billabong International. L Capital already has stakes in other Australian brands including 2XU, which specializes in compression garments, and Seafolly, another swimwear brand. Billabong has reportedly retained Houlihan Lokey, an investment bank, to drum up interest among potential buyers. The Billabong group said when reporting its latest financial results in November that it would study the divestment of its smaller brands to focus on Billabong, RVCA and Element. Ian Pollard, the group's chairman, told shareholders at the time that it was looking into the potential sale of smaller brands including Tigerlily, Von Zipper and Xcel, to pay down debt and continue to simplify its portfolio. Billabong has already sold its interest in West 49, its joint venture with Surfstitch, and its stake hardware brand, Sector 9.

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