New Look news and archive

New Look wins landlord battle over CVA

New Look has won its court battle against landlords who were challenging the British fashion retailer’s company voluntary arrangement (CVA). In September 2020, New Look received the green light from creditors to go ahead with its second CVA in less than two years. Under the terms of the restructuring, the retailer switched to turnover-based...

People

New Look appoints first chief technology officer

New Look has announced the appointment of Ed Alford to the newly created role of chief technology officer. In his new position, Alford will be tasked with driving the British fashion retailer’s omnichannel strategy, and will be responsible for the company’s technology investment, engineering and IT functions. New Look said the appointment...

Business

New Look in court battle with landlords over CVA

New Look is reportedly facing off against four landlords in a High Court battle over the British fashion retailer’s restructuring plan. The landlords, which include British Land and Land Securities, argue New Look should pay a “bare minimum market rent” on its stores as part of its company voluntary arrangement (CVA) which received approval from...

Business

New Look completes recapitalisation

British fashion retailer New Look has announced the completion of its major recapitalisation launched earlier this year when its trading was hit by the Covid-19 pandemic. The company said the recapitalisation “significantly reduces long-term debt and provides financial strength and flexibility to deliver a sustainable trading platform for the...

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Business

New Look CVA proposal fails to meet best practices standards, says BPF

The CVA proposal launched by New Look this week which aims to switch the majority of its store estate over to turnaround-based rent does not meet best practices standards, The British Property Federation (BPF) has warned. Under New Look’s CVA proposal, outlined on Wednesday, 402 of its stores would be switched to a turnover percentage of up to...

Featured

Business

New Look outlines CVA proposal, wants most stores switched to turnover-based rents

British retailer New Look has launched its CVA proposal which looks to reset the majority of its UK stores to a turnover rent model. Under the proposed CVA, 402 leases would be set at a turnover percentage of up to 12 percent while the remaining 68 stores would move to nil rent. In return, landlords would get enhanced break clauses, which means...

Fashion

New Look and Morphe to participate in Klarna’s virtual festival

Klarna, a global payment and shopping service, has announced its first online festival, Klarnival, taking place from 20 August to 23 August. New Look, Morphe, Go Outdoors and Comet will host festival-themed masterclasses at the event. There will be 20 bands and solo artists playing live but virtually. Each musician will produce a 20 minute set...

Business

New Look suspends supplier payments 'indefinitely'

New Look has reportedly suspended payments to its suppliers “indefinitely” for existing stock as it struggles to cope with the financial impact of Covid-19. It has also cancelled orders for its SS20 collections and will not pay costs towards them, according to a letter the company’s CEO Nigel Oddy sent to suppliers, seen by the BBC. The letter...

People

New Look appoints non-executive director

New Look has appointed Stuart MacKenzie to its board as a non-executive director, replacing John Gnodde who stepped down on 1 March. MacKenzie has been the CEO of Ethos Private Equity since 2014 and has experience working with portfolio companies across various industries and all aspects of the private equity and venture capital value chain. New...

Business

New Look halts production and seeks three-month rent holiday

New Look has requested a three-month rent holiday from landlords amid the ongoing coronavirus pandemic. In a business update, the British fashion retailer said it is also looking to “significantly” reduce marketing costs, pause all production, delay all significant capital expenditure projects, and halt recruitment to minimise the impact of...

Business

New Look narrows Q1 losses but revenues decline

For its first quarter, New Look Retail Holdings Limited said that the company managed to reduce statutory loss before tax by 12.8 million pounds (15.8 million dollars) to 2.7 million pounds (3.3 million dollars) following restructuring compared to loss of 15.5 million pounds in the same quarter last year. Total revenues, the company added,...

Fashion

New Look launches range of vegan shoes and bags

New Look has launched a range of around 500 shoes, bags and accessories, and has become the first high street retailer to register products with The Vegan Society’s Vegan Trademark. Registered educational charity The Vegan Society’s said its team has ensured that New Look’s registered products are free of animal derived components, including any...