While many world over are struggling to cope with the sluggishness in the apparel retail business, Australian luxury fashion accessories company Oroton has decided to foray into the apparel industry, to improve its business and market standing.
Oroton’s net debt at the end of the year 2017 was $ 5.4 million, as mentioned in the press release issued by the company. It fell into administration last year after losing $ 14 million including $ 11 million after pulling the plug on Gap.
The company was later sold to Will Vicars for around $ 25 million. In August 2018, Oroton exited from Australian Stock Exchange.
Markedly, the retailer recently named former Country Road (a middle-market apparel retailer that operates in Australia, New Zealand and South Africa) Managing Director Sophie Holt as its new Creative Director who has been making efforts to revamp Oroton’s brand image.
The retailer will also expand its jewellery line soon. The company’s resources have also been directed to reposition Oroton as a major brand in the fashion accessory market.
A spokesperson of Will Vicars reportedly said, “We will nourish Oroton through investment in talent, design and omnichannel capability whilst streamlining operations to make it more agile and innovative as it becomes a single brand entity for the first time in 40 years.”
It remains to be seen how the company performs after juggling a lot in the recent time.
