Retail in Asia

In People

Noni B appoints Sue Morphet to board as losses mount

Troubled womenswear retailer Noni B has appointed former Pacific Brands chief executive Sue Morphet as a non-executive director, bolstering its board after further losses in the December-half prompted directors and auditors to qualify its accounts.

Noni B, the target of a AUD16.4 million (USD12.8m) takeover offer from investment company Alceon Group late last year, said sales for the six months ending December fell 8.6 percent to AUD57.04 million and gross margins slipped from 61.4 percent to 59.2 percent, leading to a net loss of AUD2.35 million compared with a AUD1.89 million profit in the year-ago period.

The latest accounts highlight Noni B’s fragile financial state and explain why the founding Kindl family agreed to sell their 42 percent stake and hand control of the 38-year old retailer to Alceon Group, accepting its 51c a share offer last September and stepping down from the board last November.