Oroton eyeing luxury market
The local retailer is planning to introduce an exclusive range of accessories, such as $1500 bags made from exotic skins.
Oroton already positions itself as an Australian luxury retailer, but its most expensive totes only average $500.
The new strategy signals that it hopes to take on the likes of international accessory giants, such as Burberry, Chloe, and Mulberry.
“There’s an opportunity to develop our price architecture,” said CEO, Mark Newman to Fairfax Media last month.
“I believe we have customers who are looking to spend $1000 to $1500, but there’s also demand for smaller bags at $195.”
The retailer’s parent company, Oroton Group, increased revenue by one per cent in financial year 2013, with its namesake chain was significantly hit.
“It is clear that in an increasingly competitive environment, everything we do as a brand has to be world class and we need to constantly innovate and adapt to changes in the market,” said Newman.
Oroton now has 59 stores in Australia, as well as seven in Asia and two in New Zealand, and has been focusing on larger format stores.
Oroton Group lost its Ralph Lauren license earlier this year, but has since secured the Australian rights to Gap, Brooks Brothers, and Banana Republic.
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