Sydney based apparel supplier and retailer Gazal has announced it is now a substantial shareholder in ailing fashion retail group Oroton.
The company announced it had acquired a 7.35% shareholding in Oroton, at $1 per share.
In a statement released by Gazal, it acknowledged that while it was aware of the current strategic process Oroton had in place, it would not seek to put forward its own strategic proposal.
Gazal did not rule out that the business may change its decision should it notice any opportunities arising from the strategic process or from external influences.
The company also jointly owns PVH Brands Australia, which includes licenses for Calvin Klein, Tommy Hilfiger, Van Heusen and Pierre Cardin.