Oroton to enter apparel market
Accessories retailer Oroton is entering the apparel market and expanding its jewellery range in an effort to turn around the company’s fortunes.
The move comes after Oroton, under the new ownership of investor Will Vicars and continued leadership of founder Boyd Lane’s grandson Ross Lane, appointed former Country Road managing director Sophie Holt as its new creative director.
Holt has been widely credited as a key factor in Country Road’s recent resurgence and has been given total autonomy for all Oroton collections and brand image.
“Under the new ownership structure, our resources are totally focused on repositioning our iconic Oroton brand as a major player in the fashion accessory market,” said Lane.
The company, which celebrates its 80th birthday this year, has had a tumultuous few months since falling into administration last November.
The company’s equity was valued at nil in July, which enabled the completion of a Deed of Company Arrangement through the transfer of all shares to new owner Will Vicar’s entity Manderrah.
Since taking over, Vicars has taken the company private, which former deed administrator Vaughan Strawbridge said will enable the management team to take the necessary steps to turn around the company’s fortunes.
“The flexibility of the voluntary administration process enhances the ability to further restructure OrotonGroup in a manner which makes it possible to achieve the best possible outcome in these circumstances,” he said.