New Look Growth Will Increase By 40 Stores In China

The takeover does not mean poor performance. Britain has just acquired 90% stake last month.

New Look Group Ltd. yesterday announced its 2014 fiscal year's performance. In the fiscal year, the company's pre tax profit amounted to 50 million 600 thousand, an increase of 144.4% over the previous fiscal year.

The financial report also pointed out that the company plans to add 80 stores in the new fiscal year, half of which are located in China.

The financial report shows that in the 2014 fiscal year ended March 28th, the group's

At 50 million 600 thousand, compared to 20 million 700 thousand in the previous fiscal year, it increased by 144.4%.

Operating profit rose 8.7% to 153 million 200 thousand pounds over the same period.

Sales in the UK market increased by 5%.

An increase of 34%.

In the earnings report, the group said it would add 80 new stores to the world in fiscal year 2015.

It is understood that in early March of last year, New Look China's first store settled in the city of Xujiahui.

So far, the group has 30 stores in China.

According to the plan, the Chinese market will increase to 70 stores, that is, more than half of the 80 new stores will be located in China, so that China will become the second largest market in terms of its number of stores.

In addition, the group said in its earnings report that the men's clothing category will be expanded in the future and has been dug to H&M's Christopher Englinde as the global director of men's wear.

New Look is the second largest women's clothing retailer in the UK, and owns the private Holdings Company Apax and Permira.

Last month, it was reported that the company was bought by Christo Wiese, a South African retail giant, at 1 billion 900 million pounds. However, New Look is seeking to go public before it is acquired.

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The reporter learned from the seminar on China's financial new format held in Shanghai in 13th Five-Year. The deputy director of the central bank's Shanghai headquarters and Zhang Xin said that the Shanghai free trade zone has been ready to take the lead in fully realizing the technical preparations for RMB capital account convertibility.

In terms of risk prevention, Zhang said that the Shanghai free trade area has established a macro Prudential Management System for foreign debt scale, currency mismatch and short term capital flows, while in data collection, it can also conduct 24 hours monitoring of cross-border funds.

Yesterday, at the above seminar, Guo Qingping, vice president of the central bank, said that during the "13th Five-Year plan" period, China's economy entered a new normal. Structural pformation is the fundamental solution to deep-seated contradictions such as inappropriate allocation of resources and overcapacity.

Guo Qingping pointed out in particular that during the "13th Five-Year" period, China should complete the marketization reform of interest rates as soon as possible, and relax personal investment abroad, allowing RMB convertibility under capital account.

"Orderly increase cross border capital and financial pactions convertibility degree, encourage foreign capital to participate in mergers and acquisitions.

We should steadily expand the interconnection between domestic and foreign stock markets, actively and steadily expand the channels and application fields of cross border RMB, and strengthen the support for "one belt and one road".

As a pilot field for financial reform, the Shanghai free trade zone is expected to continue to take the lead in Renminbi capital account convertibility.

In April this year, Zhou Xiaochuan, governor of the central bank, said at the IMF annual meeting that China has made significant progress in the capital account convertibility. According to the classification of capital account pactions by IMF, 35 or 40 of them have been convertible, and there are only 5 items that are totally non convertible.

Zhou Xiaochuan said that 6 specific reforms will be pushed forward in the future, including the pilot of qualified domestic QDII2, interoperability of stock exchanges, cancellation of prior approval matters for most foreign exchange management, more convenience for overseas institutional investors to invest in China's capital market, further promotion of RMB's international use, and necessary measures to prevent and control risks in emergency situations.

"After the 6 reforms came into full play, it means that our country has fully realized the convertibility of capital account."

Zhang Xin said that the focus of financial reform in Shanghai free trade area is to achieve a comprehensive breakthrough in the above 6 aspects, and promote Shanghai to take the lead in achieving capital account convertibility.

To this end, the Shanghai free trade zone has spent two years in technical preparation, and has completed the technical preparations for RMB capital account convertibility in 10 aspects.

For example, Shanghai has formed capital market convertibility mechanism and rational culture.

Data show that as of June 1st, through the free trade account, enterprises handled various cross-border funds settlement of 160 billion yuan, according to the new rules of cross-border financing, a total of about 70000000000 yuan.

Practice has proved that the Shanghai free trade zone has not become a hot money inflow and arbitrage pipeline.

There are two main reasons why Zhang Xin believes there are mainly reasons in the following aspects: first, the market has been highly open, and the two is that enterprises have been highly rational.

First of all, enterprises have been very rational. Under the new rules, enterprises' overseas financing is linked to the capital of enterprises. In such a state, enterprises are very rational in calculating the affordability of risk. Secondly, after so many years of financial reform, especially under the constant foreign exchange management, trade financing is also being liberalized. Enterprises have already had plenty of space under the sun. The impact of the new policy is not as great as expected.

Zhang Xin said.