Britain'S Fast Fashion Brand New Look Closes 30 Stores In The French Market

According to the world clothing shoes and hats net, Britain

brand

Announced the closure of the French market 30 stores! New Look France is now actively consulting with local labor groups and is looking for an investor to take on the lease of the afore-mentioned shop property, and the French store will continue to operate before the final deal is reached.

According to the official website of New Look, it opened its first store in France in 1988, but in the past three years, its French business has gone from bad to worse. In the 2018 fiscal year, its revenue dropped 13.6%, from 67 million euros to 57 million 900 thousand euros (49 million 700 thousand pounds), accounting for less than 4% of the group's revenue share.

It is worth noting that in October 18, 2018, New Look also announced that it had withdrawn from China, and that more than 100 shops in China were closed in February 2019.

It is understood that New Look entered the Chinese market in 2014 and was subsequently acquired by Brait SE, a private Holdings Company in South Africa, and accelerated in China.

The expansion, once planned to open 500 stores in three years.

In 2017, New Look entered the peak period of opening stores, and opened 53 stores throughout the year.

However, in just 4 years, the expansion plan of New Look in China stopped abruptly.

According to the report of October 2018, New Look will carry out a new round of international business restructuring. Apart from the above-mentioned markets, China, France, Belgium and Poland will also be affected.

Today, the last remaining international market of New Loo, which owns physical stores, will eventually become a victim of pformation in the Poland market.

Data show that in the 2018 fiscal year ended March this year, New Look's overseas business lost more than 37 million pounds, which undoubtedly exacerbated the current plight of the brand.

New Look staged a "big retreat" in the international market, or for "stop loss" considerations.

In fact, in addition to the international market, New Look has also adjusted its domestic market.

In March 2018, New Look signed the CVA voluntary bankruptcy agreement with the owners, planned to close 60 stores in the UK market, lay off 980 people, and 6 other branches or sub leased to third parties, which could also be closed, thereby reducing rental costs.

According to the latest financial data released by New Look, its sales fell by 5% to 1 billion 16 million pounds in the first 9 months of December 31, 2018, and the profit before interest tax depreciation and amortization rose 78% to 78 million pounds. Net profit was 38 million 500 thousand pounds, and 5 million 100 thousand pounds were lost in the same period last year.

According to the financial report, the pformation plan developed by New Look last year has achieved initial success, thanks to the improvement of the brand's women's clothing business and the remarkable improvement of online retail.

New Look, which suffers from too much debt and huge stores, has had a hard time in recent years.

Can New Look take a breath after cutting down international market operations and closing some stores in the UK market?

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