New Look is a British multichannel retailer, selling womenswear, menswear and clothing for teens. Founded in 1969 by Tom Singh, the retailer has grown internationally, now operating around 600 stores worldwide. Its ecommerce business serves nearly 70 markets via its transactional website and mobile app. The group has been 90% owned by South African investor Brait since 2015, with the remaining 10% owned by interests of the founding Singh family and management. The value-led fast-fashion retailer has struggled in recent years, resulting in a CVA in 2018. Overhauling its product proposition and aligning its in-store and online journeys have been at the top of the agenda to restore its broader appeal and good value credentials. New Look has also overhauled its brand strategy to broaden its product appeal to a wider audience, rather than chasing a “young and edgy” customer. The retailer is focused on driving its multichannel capabilities including its click-and-collect service to compete with pureplay rivals Missguided and Asos.
New Look has completed a major recapitalisation of its finances.
One line stood out in New Look chief executive Nigel Oddy’s statement this afternoon after creditors rubber-stamped its controversial company voluntary arrangement (CVA).
New Look has had its company voluntary arrangement (CVA) seeking to move over 400 of its stores on to turnover-based rents approved by creditors, saving over 11,000 jobs.
Two of New Look’s biggest landlords are poised to vote against its crunch CVA today in a move that will throw the fashion retailer’s survival into doubt.
Boohoo is understood to be planning a swoop on New Look if its CVA is not voted through by landlords this week, with the fashion retailer warning it could collapse without rent cuts.
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