Oroton to continue international push
The fashion retailer plans to build on its moves into Asia, where it currently has five stores in Malaysia and two in Singapore.
The next stop is the lucrative Middle East and an agreement has been struck with a distribution partner to open at least six stores in the UAE and Qatar region over the next five years.
New stores in Dubai and Abu Dhabi should be up and running by mid 2014, in addition to two in Shanghai and Hong Kong as part of a sustained drive into the Asia Pacific.
A Chinese online domain is also slated for launch in October this year, as well as a multi currency website designed to make the brand internationally competitive next year.
Like 2013, this financ adidas predator ial year would be one of transition for the brand, OrotonGroup chief executive Mark Newman said.
A major focus will be a joint venture with iconic American label, Brooks Brothers.
Oroton signed a deal to bring the US brand to Australia and New Zealand in August and plans to have up to eight stores open by early next year.
The partnership expected to net Oroton up to $50 million in sales ove adidas predator r five years replaces the accessory retailer’s previous agreement with Ralph Lauren.
By signing with Oroton, which holds a 51 per cent adidas predator stake in the contract, Brooks Brothers builds on its Australian connection after dressing the male cast members of Baz Luhrmann’s The Great Gatsby.
Without any new deals, Mr Newman said the group was eyeing a 2014 pre tax profit of between $16 million and $18 millio adidas predator n.
Solid growth from its Asian and online stores helped Oroton stave off weak retail conditions and competitive international brands, posting a $27.5 million full year profit.