Oroton departs Australian Stock Exchange
The 80-year-old company, which slipped into administration in November amid declining sales, has been transferred into the private ownership of major shareholder Will Vicars.
Oroton is to continue trading as a non-listed company, a statement on the ASX website states.
Late last week, an entity controlled by Will Vicars has completed the acquisition of OrotonGroup.
All company shares in Oroton have been transferred to Manderrah, Vicars’ associated business and now that the company is no longer subject to the DOCA, the deed administrators have retired.
The completion of the DOCA comes after months of difficulty from the retailer after falling into administration last November.
“This is a pivotal moment for the brand as it celebrates its 80th anniversary this year,” said a spokesperson for Vicars.
“Australians have a deep emotional connection to Oroton and we will invest in this brand to ensure it remains as one of Australia’s most iconic and desired luxury fashion brands.
“We will nourish the business 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”.
Ross Lane – grandson of Oroton founder Boyd Lane – will continue as CEO and as a director on the Oroton board, joined by Will Vicars, Sophie Holt and Matthew Moses – who will assume the role of non-executive chairman.
Holt most recently served for 13 years as creative director and managing director of Country Road. The experienced retail executive has been appointed as Oroton creative director, and “will have total creative responsibility and autonomy for all of Oroton collections and brand image.”
Meanwhile, John Schmoll and Maria Martin have resigned as directors from Oroton.
Oroton said the the acquisition by Vicars provides ongoing roles for over 500 Australian retail and support staff, as well as continuity of relationships with key suppliers, landlords and other stakeholders.
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