New Look chief executive Helen Connolly has “never been more excited about the future” of the business after its owners invested £30m to fuel its ambitious growth plans.
New Look owners Alcentra and Brait have pledged a £30m “supercharge” its digital growth for the future and help the British fashion retailer capture a larger share of the UK womenswear market.
New Look said the fresh funding will “power the next stage” of its digital transformation as a business and will be deployed across four key areas of growth.
These are: data-driven innovation; investment in technology; improving loyalty and engagement; and streamlining and improving the customer journey.
New Look said the opportunity in today’s fashion market is “clear” and added that it already has a “market-leading position” across many product categories including dresses and outerwear.
The fashion retailer added that due to this investment in data, AI and ecommerce it hopes to double its digital orders from £500m to £1bn by 2030 as well as boost online market share by 10% by the 2028 financial year.
Chief executive Helen Connolly said: “New Look is an iconic British brand. Our goal is to be the number one online destination for feel-good fashion, powered by our loyal customer base and proven digital model.
“This new capital injection means we can ramp up our digital operations, enhance customer service, drive growth and achieve our goal of £1bn online demand by 2030.
“Our customer is at the heart of everything we do. We know them inside out – what they love, how they shop and what inspires them. This new funding is a clear endorsement of our compelling strategy. It will allow us to get even closer to our growing customer base, giving them more of what they want: trend-led, high-quality fashion and a seamless shopping experience.
“By combining our digital expertise with our UK store network, we’re creating a shopping journey that’s smarter, faster, and more personalised. I have never been more excited about the future of New Look.”
The funding, which was first reported by Sky News, comes after New Look’s recent investment in its store estate across Greater Manchester, which saw it inject £3.3m into upgrading and improving its bricks-and-mortar offer.
For the financial year to March 30, 2024, New Look’s losses lessened despite a fall in revenue from £816.9m to £735.4m as “tough trading conditions” took a toll.
UK sales during the financial year fell from £609.1m in 2023 to £538.5m in 2024 with its home market struggling with “unseasonable weather patterns” and a “challenging trading environment”.
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