New Look (company)

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New Look Retailers Ltd
Private
IndustryRetail
Founded1969
Taunton, Somerset,
United Kingdom
FounderTom Singh
HeadquartersWeymouth, Dorset, United Kingdom
Number of locations
1,160 approx. (2014)[1]
Area served
Worldwide
Key people
Christo Wiese
Alistair McGeorge, Executive Chairman
ProductsClothing
RevenueIncrease GBP £1,528 million (2014)[1]
Increase GBP £805.9 million (2014)[1]
OwnerBrait SA
Websitewww.newlook.com

New Look is a British global fashion retailer with a chain of high street shops. It was founded in 1969 and has been owned since May 2015 by investment company Brait SA, controlled by Christo Wiese. The chain sells womenswear, menswear, and clothing for teens.

History[edit]

New Look was founded by Tom Singh in Wellington, Somerset in 1969.[2] Since then the company has rapidly expanded and now operates across a chain of over 900 stores internationally, including Belgium (they opened their first Belgium store in 2006), France, the Netherlands, the Republic of Ireland, Romania, Malta, Malaysia, South Korea, Singapore, Thailand, Indonesia, United Arab Emirates, China, Germany, Russia, Bahrain, Saudi Arabia, Azerbaijan and Poland, and a staff of over 18,000.[citation needed] The group had a turnover of £1,147 million in 2008 with profits of £180 million.[3]

New Look was owned by private equity groups Apax Partners and Permira, and founder Tom Singh,[4] until May 2015 when it was acquired by Brait SE for £780 million. Brait also owns the health club chain Virgin Active and has a minority stake in Iceland Foods.[5]

In 2004, after six years afloat, the company withdrew from the stock market and was taken back to being a privately owned business by founder Tom Singh and chief executive Phil Wrigley, and private equity investors Permira, Apax Partners and Quillian Investments.

On 26 April 2007, a fire occurred at a New Look branch in Oxford Street, London.[citation needed] The subsequent investigation revealed an extensive catalogue of failings relating to fire safety precautions and measures. The company subsequently pleaded guilty to criminal charges and on 25 November 2009, was fined a total of £400,000 with £136,052 costs.[6]

In 2008, New Look continued its expansion in the UK and opened its largest store till then in Chicago One Shopping Centre.[citation needed] In February 2009, its 40th anniversary year, it opened its first store in Russia.[7]

In 2010, the fines were upheld by the Court of Appeal.[8]

In July 2010, New Look opened its 300th store in Glasgow Fort Shopping Park. The store is a massive 18,000 sq ft (1,700 m2). It was built on the site of a former Borders store.

The largest New Look store in the world opened in Dublin, Ireland on 4 November 2010, located at the Jervis Shopping Centre.[9] It is the 29th New Look store in Ireland. In March 2018 it was announced that New look is to close 60 UK stores due to poor sales. Many of the outlets in Singapore have been closed, except CityLink Mall, City Square Mall and the latest opened store, Republic Polytechnic.On 6th November 2018 New Look announced a further 25 stores were set to close to cut costs and increase profits.The fate of 26 other stores remain unclear.

See also[edit]

  • Top Track 100 — list of 100 largest private companies in the United Kingdom, New look is at no 32.

References[edit]

  1. ^ a b c "New Look Retail Group Limited Annual Report 2014" (PDF).
  2. ^ "New Look - Our History". Newlookgroup.com. Retrieved 16 December 2017.
  3. ^ Sunday Times Top Track 100, 29 June 2008.
  4. ^ Moulds, Josephine (4 June 2013). "New Look returns to profit". The Guardian. Retrieved 27 October 2014.
  5. ^ Farrell, Sean (15 May 2015). "New Look snapped up by South African tycoon". The Guardian. Retrieved 10 October 2015.
  6. ^ "UK high-street firm New Look fined for serious breaches of fire safety | Fire News". TheBigRedGuide. Retrieved 13 October 2013.
  7. ^ "Home". New Look. Retrieved 13 October 2013.
  8. ^ "New Look Retailers Ltd v London Fire & Emergency Planning Authority [2010] EWCA Crim 1268 (16 June 2010)". Bailii.org. Retrieved 13 October 2013.
  9. ^ "Press Release - Biggest New Look Store Launches in Dublin". 24-7pressrelease.com. 5 November 2010. Retrieved 13 October 2013.

External links[edit]

News items