KEY POINTS:
Hallenstein Glasson Holdings sent a signal to the market today about where its future lay when it appointed Melbourne-based Shayne Quanchi as new chief executive.
"The appointment is strategically significant in that it supports our determination to strengthen both our presence and position in the Australian market," chairman Warren Bell said.
Although more than 90 per cent of the company's profit comes from New Zealand, Mr Bell said the obvious growth opportunities for the company were across the Tasman, particularly with the Glassons brand.
Ms Quanchi's last position was as a senior executive at Myer in Australia where she was divisional business manager of Miss Shop and Young Men's.
Previously she held a management role with Just Jeans in Australia and has owned her own import and wholesale clothing business, selling to women's brands.
She replaces Cliff Kinraid, who resigned in May to follow private business interests.
Mr Bell said Ms Quanchi's appointment came after an extensive search for the person with the right mix of fashion, retail and Australian business experience.
She will take up her role at the start of March.
She will divide her time between Australia and New Zealand.
Glasson Holdings has 25 Glassons stores in Australia and 36 in New Zealand, where it also has 47 Hallensteins stores, and three Storm stores.
Ms Quanchi said her challenge was to grow the New Zealand business while capitalising on the fantastic growth potential in Australia.
Last week, the company confirmed it expected a lower first half profit.
It said group sales and gross margin for the key trading period of December had been equal with last year.
"While sales pre-Christmas were patchy, post Christmas sales had been strong, making up for lost ground earlier in the month," the company said.
Sales from August 2 to January 20 were 2 per cent down on a year ago "reflecting the uncertain trading conditions in both New Zealand and Australia".
Net profit after tax for the 6 months to February 1 is projected at around $9 million against $9.9m a year earlier.
- NZPA
