Fashion group New Look will refocus on product under new leadership following the ousting of chief executive Carl McPhail.
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Product will be prioritised immediately by founder Tom Singh, who is running New Look on an interim basis. Singh is also expected to make the most of his close relationships with suppliers to make changes fast and improve the retailer’s value credentials.
Verdict lead analyst Maureen Hinton said of New Look: “It was very much based on price and has moved more to being a fashion retailer. It’s probably finding it quite difficult to resonate with customers across both.
“It doesn’t have the fashion credentials of H&M, and it’s not as low price as Primark.
“When the market was growing, it wasn’t such an issue, but because all retailing is difficult now, if you’re not first on people’s shopping lists, you’re likely to lose out.”
Although it grew over several years, recent trading has been tough. Shareholders - private equity firms Apax and Permira, along with Singh - became unhappy with progress. McPhail resigned on Monday, when chairman John Gildersleeve also said he would stand down.
CEO RUNNERS AND RIDERS
Paul Marchant chief executive, Primark; Richard Bradbury former River Island chief executive; Kate Bostock general merchandise director, M Christos Angelides product director, Next; Andy Bond former chief executive, Asda; Mark McKeon chief executive, Vroom Phil Wrigley former chief executive, New Look; Michael Sharp deputy chief executive, Debenhams
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