In 2020, L Catterton Asia-owned company Seafolly went into administration, and was bought by L Catterton Asia. While still in administration, Seafolly bought swimwear rival Jets. An unnamed source told AFR that L Catterton had driven the business into the ground and made hundreds of its workers redundant, and was now buying it back "for cents on the dollar". The source also expressed concern that the administration process was merely a formality and that the restructure had already been agreed on before the business went down.

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