New Look receives offer for French subsidiary Mim

New Look receives offer for French subsidiary Mim

British New Look is allegedly talking to Asia Global about French store chain Mim's sale. It has more than 300 stores in France, but is onerous.

Onerous

New Look had to accept a 64.2 million pound (80.7 million euro) write-off on Mim's net worth in its past fiscal year (until 29 March 2014), which helped lead to a 55 million pound (69.2 million euro) loss before taxes for the entire company. The year before that, New Look managed a 3.1 million pound (3.9 million euro) profit.

 

Asia Global has apparently tabled an offer to buy the clothing chain. According to Sky News, several investors and shareholders have been told about the possible deal on Friday. "New Look confirms that it has received an indicative offer from Asia Global for Mim, its standalone French retail business, and has entered into a period of exclusive discussions with them", Sky News said. "Negotiations are at an early stage and there can be no certainty that a transaction will be concluded."

 

New Look took full control of Mim in 2004.

Questions or comments? Please feel free to contact the editors


Macron wants World Heritage recognition for French baguette

15/01/2018

French president Macron and the union of French bakers want to get the French baguette listed as Unesco World Heritage. If it succeeds, it will follow in the footsteps of Belgian beer and pizza from Napoli.

Lactalis recalls 12 million packs of baby milk

15/01/2018

Dairy manufacturer Lactalis is in the eye of the storm in France, because its baby milk has been contaminated with salmonella. It had to recall 12 million packs across 83 countries.

Larger packaging does not always equal lower prices

15/01/2018

Many supermarket items in large packaging are cheaper by the kilo or the liter than small packages, but in some cases, the reverse is true. Much depends on the standard packaging.

Delhaize reshuffles board

15/01/2018

Delhaize just announced it will rearrange its board and it also launched a new campaign, called “Mee met ‘t Leven” (Get on with life).

“Ferrero close to Nestlé's American chocolate division"

11/01/2018

Italian Ferrero and Swiss Nestlé are close to a deal for the former to acquire the latter’s American chocolate division. Nutella and Tictac’s manufacturer would be willing to pay 2.8 billion dollars to get brands like Butterfinger and Baby Ruth.

This self-driving convenience store brings fresh food to your door step

11/01/2018

A convenience store that drives around the neighbourhood by itself with a supply of fresh food: according to American startup Robomart, that is the convenience store’s future. It recently revealed a prototype in Las Vegas.

Back to top