Online bid to bag new sales
OROTONGROUP hopes a growing online presence can help boost the flagging sales that contributed to the handbags and accessories retailer’s 52 per cent plunge in half- year profit. Oroton’s net profit in the six months to January 28 fell to $ 1.8 million, as revenue dropped 10 per cent from a year earlier. An 11 per cent fall in like- for- like sales were prompted by Oroton’s exit from women’s apparel, shoes and lingerie, lower sales at its factory outlets and a decline in sales at its seven GAP stores. Its 14 factory outlets experienced a drop in foot traffic as customers shifted to online, and sales were also down due a lack of product variety. Oroton said online sales now represented 12 per cent of its sales. The company had a relaunch of its site last month. QUINTIS managing director and major shareholder Frank Wilson has quit his post after a confidential approach from an overseas bidder seeking to take over the Indian sandalwood producer. Mr Wilson, who owns 13 per cent of Quintis, says he was approached by “a wellfunded, credible party” seeking to buy the balance of shares in the company and has resigned to give full- time consideration to the move. Mr Wilson is the founding chairman of Quintis, which recently changed its name from TFS Corporation and has extensive plantations of sandalwood across northern Australia. Mr Wilson said he had received a serious approach regarding Quintis. He will now work with the unnamed international corporation to present a change of control offer to the Quintis board.