brait news and archive

60 store closures not enough to 'turn New Look around'

London - New Look is prepared to close up to 60 underperforming stores across the UK in order to keep it from going under, putting 980 jobs at risk, but this may not be enough to turn the struggling fashion retailer around warns analysts. The high street retailer, owned by South-African Brait, announced its proposal for a company voluntary...

RetailFeatured

New Look staff left worrying following store closure reports

London - New Look employees were dealt a harsh blow as a list of potential stores pegged for closure began circulating. A list of 49 New Look stores apparently up for closure or lease renegotiations has been circulating among media reports this week raising concerns for a number of New Look store staff. At the moment it remains unclear where the...

Business

New Looks pulls the plug on London HQ move

London - High street retailer New Look has canceled plans to move its headquarter to a new location in London after facing increasing financial pressure. New Look was set to relocate its headquarters to a new 123,000 square foot office at R7 at King’s Cross 67-acre site this summer but has decided to remain at its current location on Mortimer...

Business

New Look faces critical situation as insurers cut coverage for suppliers

London - New Look high street woes are only set to deepen, as credit insurers have reportedly pulled their coverage against insolvency to its suppliers. Insurers such as Euler Hermes have pulled their coverage on new shipments of products to New Look, although it is still reportedly offering "residual" cover on existing orders, reported the...

Business

Brexit fear keeps Brait away from a London listing

New Look owner Brait has decided to drop its plans to get listed on the London Stock Exchange owing to “light of the uncertainty” following Brexit, Retail Gazette reports. Brait though founded in Malta is listed in Luxembourg as well as South Africa where it is backed by billionaire Christo Wiese. Last year, the company had announced its plans...

Business

New Look owner mulled over Argos takeover

South African entrepreneur and billionaire owner of New Look, Christo Wiese, had mulled over making a bid for Argos prior to Sainsbury's 1.3 billion pounds takeover deal with the catalogue retailer. The business man is said to have been interested in expanding his current British rule, which includes Virgin Active gyms and explored possibilities...

Retail|UPDATE Featured

New Look to open Men's wear stand-alone stores as Profits increase

New Look is keener than ever to leave it's mark on the men's wear market following strong trading results during its acquisition and has therefore confirmed plans to open five stand alone men's wear stores. The high street fashion retailer, which is currently undergoing a turnaround plan under the leadership of chief executive officer Anders...

PeopleFeatured

New Look names new chairman

South African investment group Brait has completed its acquisition of high street fashion chain New Look and installed its chief executive as non-executive chairman. Brait’s John Gnodde will be replacing Paul Mason, former chief executive of Asda and the current chairman of New Look, on the board. Gnodde will serve as New Look’s non-executive...

Retail

New Look chief executive reveals plans for men's wear push

High street fashion chain New Look is not satisfied with being one of the largest women's wear retailers and aims to take a larger slice of the men's wear pie/market as well. Following the appointment of Christopher Englinder as global director of men's wear from rival fashion chain H&M, New Look is planning big push into men's wear this year....

Business

New Look’s Paul Mason to step down following 2 billion pound deal

New Look’s chairman Paul Mason is set to exit his role at the high street retailer following its acquisition by South African private equity vehicle Brait earlier this month, in a deal which value the chain at close to 2 billion pounds. According to Sky News, the retail veteran, who is also the current chairman at Cath Kidtson, is set to leave...

BusinessFeatured

New Look snapped up by Brait in 1.9 billion pound deal

Following months of speculation, British high street retailer New Look has finally found a new owner and has been acquired by South African billionaire Christo Wiese in a deal which values the fashion label at 1.9 billion pounds, including debts. Brait, the private equity vehicle owned by Wiese, has signed an agreement to acquire a 90 percent...