New Look to exit China
Embattled UK fashion retailer New Look is to quite China, closing some 130 remaining stores.
The move follows a strategic review of the China business announced back in June, when the company put the brakes on an ambitious 450-store rollout plan after opening just 148.
According to Sky News, New Look has appointed property specialist CBRE to find new tenants for the 130 remaining stores in the country.
In March, South African-owned New Look signed a Company Voluntary Arrangement with its creditors and landlords in the UK allowing 60 stores there to be closed. Chairman Alistair McGeorge at the time cast doubt on the future of the China plans announced by former CEO Anders Kristiansen.
A formal announcement on the exit was expected today.
New Look’s China exit comes two months after rival chain Topshop terminated a franchise agreement with local partner Shangpin “by mutual agreement”.