New Look considering sale of French Mim

British fashion retailer New Look may be preparing to sell its French Mim label, after the company reported full-year pretax

loss, which drew a stark contrast to the 5.8 percent increase in underlying earnings.

The company, which is owned by founder Tom Singh, alongside with private equity firms Apax and Permira, reported a pretax loss of 55 million pounds after reporting impairment charge of 64.2 pounds due to the value Mim's net assets.

New Look revealed that it was currently investigating different “strategic options for Mim, including potential divestment”. It would not be the first time that the company considers the sale of Mim, in 2011 New Look postponed the sale of the French fashion retailer, which had been acquired to help develop the firm business in France.

The company has decided to turn its focus to building and developing its core New Look brand in the UK, online and internationally in four main countries: Germany, Poland, China and Russia.

“I am pleased with what the new team has achieved in its first year,” commented Anders Kristiansen, Chief Executive Officer at New Look. “I am confident that New Look is going into the new financial year in a good position to meet the challenges that lie ahead.”