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New Look Wants To Sell French Business And Enter Exclusive Negotiations With Asia Global.

2014/7/16 7:18:00 34

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New Look French Business Asia Global Exclusivity Negotiation

> a href= "http://sjfzxm.com/news/index_cj.as" > British < /a > High Street fast fashion brand New Look Group Inc. entered the exclusive negotiation process on the group's French Mim brand business and Asia Mim. On Friday, the company confirmed the matter to banks, investors and other creditors. However, New Look said the negotiations are at an early stage. 
 at the beginning of last month, New Look Group Inc. published its annual report, which recorded a pre tax loss of 55 million pounds in the 2014 fiscal year ended March 29, 2014. Compared with the 3 million 100 thousand pre tax profit in fiscal year 2013, the loss was due to the deterioration of the operation of the French chain retailer Mim, which resulted in a 64 million 200 thousand pound reduction. 
 New Look Group Inc. owner private equity fund Apax Partners LLP, Permira Advisers LLP and founder, Permira, revealed in the annual report that they intend to sell the French business which currently has 356 stores, and have received potential buyers' intent to buy. The group became the controlling shareholder of Mim in 2000 and subsequently acquired the remaining shares of Mim in 2004. 
 > a href= "http://sjfzxm.com//business/" > New Look < /a > Group Inc. chief executive Anders Kristiansen also excluded the possibility of the group going public in a year. The group planned to go public in 2010, and then put the plan on account of the market environment and investors worried about its huge debts. As of March 29th, the group had a net debt of 1 billion 40 million. 
 > a href= "http://sjfzxm.com/news/index_cj.as" > group < /a > year-on-year sales increased by 3% to 1 billion 530 million pounds, last year was 1 billion 480 million pounds, same store sales increased 2.2%, e-commerce sales rose 63.9%, and the average weekly traffic volume of the website reached 2 million 700 thousand. The adjusted core profit was 200 million pounds, up 5.8% from 189 million last year, and the gross margin remained at 52.7%. 
 sales in the same store in the UK increased by 3% year-on-year and the market share was 6%. The group plans to continue to increase its stores in small cities in China, and points out that this will lead to online sales. China, Poland, Russia and Germany are the major international markets for group development, of which China will open 10 new branches.