Andrew Forrest, Camilla and the $24m payday
Fresh from a capital injection from the billionaire Forrest family, Australian fashion designer Camilla Franks has taken a $20 million-plus payday from her eponymous resort-wear brand.
The company, known for its holiday-ready kaftans and pyjama-style silk sets, lifted revenue by 9 per cent to $130 million in 2022-23, according to accounts lodged with the corporate regulator. But a blowout in legal, travel and accommodation costs helped to crunch operating profit, which fell to $8.2 million from $14.8 million in the year before.
Camilla Franks, photographed for AFR Magazine in March 2023. The company has a partnership with Disney. Nic Walker
A $24 million dividend was paid to Camilla’s owners, up from $1.2 million in the previous year.
Andrew and Nicola Forrest bought a 25 per cent stake in Camilla in January, suggesting their Tattarang investment vehicle would have pocketed up to $3 million. Ms Frank, who remains the majority owner, would have been in line for the rest, although neither party would confirm the breakdown.
“Like many privately owned companies, we release dividends from time to time in accordance with our performance,” Camilla chief executive Jane McNally said.
Ms Franks, 47, had a heady start to 2023, with Tattarang’s capital injection (spearheaded by Mr Forrest’s ex-wife, Nicola) and a cameo appearance in HBO TV series The White Lotus, which also featured her designs. She remains creative director of the business.
In March, she was named in The Australian Financial Review’s Rich Women List, at a personal valuation of $169 million.
When Tattarang bought into the 19-year-old Australian business, the goal was for an aggressive expansion of no less than 19 new Camilla stores in the United States. Its Florida
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