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

US merchandise trade with India, 2012–16; Courtesy: USITC

Textiles | On 27th Jul 2017

India becomes US’ 9th largest trading partner in 2016

In 2016, India became the United States’ 9th-largest single-country...

Textiles | On 27th Jul 2017

GST will lead to further increase of MMF prices

The Goods & Services Tax (GST) rolled out on July 1, 2017 is not...

Textiles | On 27th Jul 2017

Global yarn production improved 30% q-o-q in Q1: ITMF

In the first quarter of 2017, global yarn production rose by almost...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Johan Berlin
InvestKonsult Sweden AB

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


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



X