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.
Furniture retailer DFS and fashion group new Look have revealed a range of initiatives designed to address the impact of store closures and business disruption because of the coronavirus outbreak.
The likely collapse into administration of Laura Ashley is not solely the result of coronavirus. The pandemic was sadly the last nail in the coffin of a retailer that has struggled to appeal to shoppers for some time.
The owner of Reading’s Broad Street Mall shopping centre has gained planning permission to add new retail space as well as residential accommodation as part of its regeneration project.
Fashion retailer New Look reduced losses in its third quarter, helped by cost control and lower markdown activity.
As 2019 draws to a close, Retail Week takes a look back at all the hires and fires that have made shockwaves in the retail sector this year.
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