Embattled accessories retailer Oroton will officially end its public company life on Friday when it delists from the Australian Securities Exchange at the close of trade.
The 80-year-old company, which slipped into administration in November amid declining sales, has been transferred into the private ownership of shareholder Will Vicars.
Former Country Road managing director Sophie Holt has been appointed as creative director and will join Mr Vicars and Matthew Moses on the board.
Oroton heir Ross Lane will continue as a director, while John Schmoll and Maria Martin will leave the board.
The company is to continue trading as a non-listed company, a statement on the ASX states.
Oroton recently released its 2018 autumn-winter campaign, which celebrates the company’s 80-year-history.
OROTON’S TUMULTUOUS 80 YEARS:
1938 – Founded in Sydney in 1938 by Boyd Lane
1950’s – Oroton starts creating handbags using a metallic industrial mesh discovered at a German safety-glove factory
1970 – Oroton launches in New Zealand, the Oroton ‘O’ becomes a registered trademark
1980 – Acquires the Polo Ralph Lauren license for Australia and New Zealand, becomes known as OrotonGroup
1987 – OrotonGroup listed on the ASX, commences trading as a publicly listed company
2010 – Oroton shares reach all-time high of $8.58
2013 – Partners with US menswear label Brooks Brothers, acquires franchising rights for US chain Gap
April 2017 – Chief executive Mark Newman steps down after net profit plunges 52 per cent
August 2017 – End partnership with Gap, closes stores
November 2017 – Appoints voluntary administrators, shares suspended at 43.5 cents
March 2018 – Creditors hand control to Mr Vicars
April 2018 – Princess-to-be Meghan Markle sports an Oroton handbag at event in London
August 2018 – Oroton delists from ASX