Glassons eye on OZ

AUCKLAND: New Zealand apparel company Hallenstein Glasson Holdings is set to pursue new growth opportunities in Australia, following a net profit announcement of $8.1 million.

Although this was down 6.6 per cent compared with the same period last year, the company said its balance sheet remained strong with cash and bank balances sitting at $23.12 million on February 1 compared with $21.74 last year.

Newly appointed CEO Shayne Ouanchi said the company had its eyes set firmly on the Australian market.

"Australia is a major growth opportunity for us and my experience in the Australian marketplace is a distinct advantage. We already have plans to increase the visibility of the Glassons brand in Australia, including having a number of new stores under active consideration," she said.

Ouanchi said a major store refurbishment program was also underway in New Zealand with nine stores set for a revamp in the current half year. This followed the opening of a new Glassons site in Albany recently and refurbishments across seven New Zealand stores in the first half of the financial year.

The company is also set to launch an online Glassons store in time for the lucrative Christmas trading period.