After the departure of River Island, New Look is the latest fashion chain to leave Belgium. The British company has filed for bankruptcy for its Belgian activities. New Look only has six stores left in the country.
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British fashion chain New Look is going through a difficult time: after closing its 130 stores in China, now its stores in Belgium, France and Portugal may follow suit.
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Fashion chain Esprit will get a new CEO: Jose Manuel Martínez will leave the company and pass on the baton to Anders Kristiansen. New Look’s former CEO has to bring growth to Esprit, particularly through ambitious plans for China.
British fashion chain New Look aims to shut up to sixty stores, possibly eradicating 1,000 jobs, in its home territory. This way, it aims to avoid a possible slide into bankruptcy.
British fashion chain New Look has struggled in the current fiscal year: turnover dropped more than 6 % in the first three quarters. The company is also in the middle of a new strategy implementation.
British fashion chain New Look had a disappointing quarter, with a 4 % turnover drop. Its adjusted EBITDA fared much worse, with a 35 % drop.
A large-scale Channel 4 investigation revealed that Fashion Square and United Creations, two British companies that make clothes for companies like River Island and New Look, pay their employees extremely low wages.
British fashion retailer New Look achieved a decent 5.4 % growth in the past fiscal year (which ended on 26 March 2016), partially thanks to its improved eCommerce performance, up 27.9 %.