Online sales help New Look back on right track | RetailDetail

Online sales help New Look back on right track

Online sales help New Look back on right track

British fashion chain New Look is making a profit again: during the financial year 2013, that ended at the end of March, New Look realised a gross profit of 3.1 million pound (3.6 million euro). Last year the company made a loss of 54.5 million pound (64 million euro).

Online growth compensates offline decline

The improvement is partly due to the rise in sales, which climbed by 2.5% in the past financial year to 1.48 billion pound (1.7 billion euro). This was mainly because of much higher online sales, up by no less than 50.1%. Those compensated the slight decline in physical shops.

 

The strong expansion of online sales, already worth 95 million pound (111 million euro), was the result of new, more user-friendly online shop and a broader offer with some exclusive products.

 

Closing shops on home market, expansion abroad

New Look also used a cost-effective style and company processes improved to increase their efficiency. This caused the closing of 42 onerous British shops, while a quarter of the remaining 589 locations in the United Kingdom received a thorough makeover. The rest will receive the same treatment over the next three years.

 

Outside of the home market the number of shops raised from 499 to 549. In March 2014 New Look is planning to open is first shop in China. Hundreds of new shops are set to open in the near future, with Russia, Poland and South Korea also on the books for expansion.

 

New Look is owned by founder Rom Singh and the investment funds Apax and Permira. The chain has more than 1.100 locations in 32 countries.

Questions or comments? Please feel free to contact the editors


Multinationals fail their healthy food claims

24/05/2018

Food multinationals are not doing enough to make their products more healthy, according to Access to Nutrition Foundation. NestléUnilever and Danone are top of the class.

Ahold Delhaize launches digital lab in the United States

22/05/2018

Ahold Delhaize’s American division will found a new company focused on digital innovation: Peapod Digital Labs will become a lab for new digital, eCommerce and personalization strategies. 

Carrefour forced to shut down hundreds of Dia stores

22/05/2018

Carrefour has not found a buyer for hundreds of its former Dia stores in France yet. That may force nearly 230 stores to shut down.

Carrefour and Tencent launch high-tech store in Shanghai

22/05/2018

The recently launched ‘Le Marché’ store formula, a first collaboration between Carrefour and Tencent, allows customers to pay with face recognition at unmanned checkouts.

Hoegaarden moves part of production to Vietnam and China

18/05/2018

Hoegaarden experiences strong growth in Asia, but is losing ground in Europe. That is why AB InBev will move part of the production to China and Vietnam: the brewery in Hoegaarden will lower cut its production days by 2 a week.

Holland & Barrett wants vegan stores

17/05/2018

British health chain Holland & Barrett (previously known in the Benelux as Essenza) plans to open completely vegan stores, a trend the chain needs to follow according to CEO Peter Aldis.