The owners of fashion chain New Look have appointed Rothschild to conduct a review of the business, as it mulls a potential sale.
Alcentra and Brait have had control of New Look since 2020, and tapped the bank after it received a number of unsolicited approaches from potential buyers for New Look, according to Sky News.
No timeline has been set for a potential sale.
A spokesperson for New Look refused to comment to Sky News directly on the potential sale, but said: “Management are focused on running the business and executing the strategy for long-term growth.
“The company is performing well, with strong momentum driven by a successful summer trading period and notable online market share gains.”
New Look trades from almost 340 stores and employs over 10,000 people and is the country’s second-largest womenswear retailer in the 18 to 44-year-old age group, ahead of the likes of Shein and Asos.
In April, Alcentra and Brait injected £30m of fresh equity into the business to aid with its digital transformation.
Last year, New Look had sales of £769m and posted a statutory loss before tax of £21.7m – improving from an £88m loss the previous year.
In the autumn of 2023, it completed a £100m refinancing deal with Blazehill Capital and Wells Fargo.
No comments yet