Home / Knowledge / News / Fashion / OrotonGroup to sell stake in Brooks Brothers
OrotonGroup to sell stake in Brooks Brothers
27
Jul '15
OrotonGroup which owns Oroton, Australia's luxury fashion accessories company known for its leather handbags, has been working with American men's clothing company Brooks Brothers Group on the future management of the Brooks Brothers brand in Australia, OrotonGroup said in a press release.

The parties have executed a binding contract for the sale of OrotonGroup's entire shareholding in Brooks Brothers Australia Pty Limited (Brooks Brothers Australia), the joint venture company, to Brooks Brothers International, LLC, finalising OrotonGroup's financial commitments to Brooks Brothers Australia.

The parties have also agreed OrotonGroup will provide management and administration services to Brooks Brothers Australia for up to two years following this change of control

The transaction is not anticipated to have any further negative impact on OrotonGroup earnings for FY15 beyond that already reported to date and forecast for the remainder of FY15.

Mark Newman, CEO and managing director of OrotonGroup, said “Over the past 2 years, we have worked very well in partnership with Brooks Brothers Group to launch the brand here in Australia, with 13 stores and a local online store opened to date. However, we have agreed that it is now appropriate for Brooks Brothers Group to manage the Brooks Brothers business in Australia and for us to further focus our resources on our core Oroton brand, which has significant potential as we gain traction through the repositioning strategy. We look forward to continuing to work closely with Brooks Brothers by providing some support services in the future.”

Claudio Del Vecchio, chairman and CEO of Brooks Brothers Group, said, “OrotonGroup has been an outstanding partner and we thank them for introducing us to the Australian market. We look forward to further expanding Brooks Brothers in Australia as we take 100 per cent ownership of our business there.” (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search