New Look ties up sale of French business MIM to Hong Kong firm Main Asia November 24, 2014 New Look said yesterday it had completed the sale of its French business Mim to Chinese firm Main Asia without disclosing the terms of the deal. Main Asia is a Hong Kong-based company established earlier this year to acquire Mim. Very little is known about the company except that the main shareholders and management are [...]
New Look exits Russia blaming political unrest November 11, 2014 New Look has pulled out of its franchise agreements in Russia and Ukraine, blaming financial and political instability in the two countries. The value fashion retailer, which had previously targeted Russia as a key area of growth, said yesterday it was closing all 20 shops in Russia and six shops in Ukraine. Chief executive Anders [...]
New Look defies warm weather as profits soar November 11, 2014 New Look has defied the warm weather that has dampened other retailers' sales, with the fast fashion business reporting profits up a whopping 89.1 per cent for the first half of the year. Profits before tax stood at £26.1m for the six months to September 27 – up on £13.8m the same period last [...]
New Look sells French arm Mim to newly-created business Main Asia September 5, 2014 New Look has sold its French business Mim for an undisclosed sum, to a Hong Kong-based company about which relatively little information has been made available. Main Asia (HK) was established earlier this year to acquire Mim, and the main shareholders and management are “active in apparel and textile manufacturing and trading, along with [...]
New Look lines up buyer for its French business as sales surge August 12, 2014 FASHION retailer New Look said yesterday it had received an offer for its French clothing chain Mim after revealing a strong rise in first quarter sales. The group, which slipped into the red last year after having to write-down the value of Mim’s assets, declined to name the buyer, but said deal was expected to [...]
New Look pauses Russia launch as situation worsens August 12, 2014 New Look's plans to launch in Russia have been put on hold because of concerns over the worsening political situation in the country. The retailer, which this morning posted group revenue growth of 8.1 per cent to £392.5m for the 13 weeks to June 28, had earmarked Russia as one of four countries ripe [...]
Tesco loses finance director to New Look June 4, 2014 TESCO has lost a second senior director from its finance division after fashion retailer New Look said yesterday that it has hired Mike Iddon as its chief financial officer. Iddon, Tesco’s group finance director for planning, treasury and tax, will replace New Look’s interim chief financial officer Richard Collyer in the coming months. His departure [...]
New Look in red after French loss June 3, 2014 NEW LOOK has said it could sell its French business Mim after a write-down dragged the fashion retailer to a full-year loss. The value retail chain, which has over 1,100 stores in 24 countries, posted a 5.8 per cent rise in underlying earnings to £200.2m in the year to 29 March. However, it took an [...]
New Look’s turnaround man quits March 6, 2014 NEW LOOK chairman Alistair McGeorge, credited with driving the fashion retailer back into profit, is stepping down. McGeorge joined the firm three years ago from Matalan and guided the firm through last year’s £800m bond issue, enabling it to get back into the black. “It’s the right time to seek new challenges,” he said yesterday. [...]
New Look rules out plans to float February 11, 2014 NEW LOOK chief executive Anders Kristianson has said the group is in no hurry to join the latest flurry of stock market listings, after the fashion retailer reported a five per cent jump in third quarter sales. Kristianson said the company “did not have any imminent plans” and needed to strengthen its position overseas and [...]