New Look Self Rescue New Measures: Will Close The Men'S Wear Shop

According to the fashion headline news, the British fast fashion brand NewLook has said that it will gradually withdraw the sale of men's wear products from the stores in the UK and Ireland, which will be sold online, and the men's boutique will be closed. In the future, the group's focus will be on the core of women's wear and accessories business.

It is not surprising that the struggling New Look made this move.

In fact, the dilemma of New Look has existed for a long time.

In March 2018, New Look decided to sign CVA voluntary bankruptcy agreement, and planned to close 60 stores in the UK market, thereby reducing rental costs.

In October 2018, New Look decided to terminate the expansion plan of its brand in China, and officially withdrew from the Chinese market after closing 130 stores and Tmall flagship stores.

In March of this year, New Look announced the closure of 30 stores in the French market, followed by the Poland market declared bankruptcy filing, restructuring of company management, general manager of group operations Dan Monaghan and Steve Challes, director of commercial development.

Fortunately, New Look has been pforming itself to save itself.

According to the latest financial results, thanks to the improvement of the brand's women's clothing business and the remarkable improvement of online retail sales, NewLook has improved its sales volume for three consecutive quarters compared with the same period last year, and the third quarter sales also recorded a small increase of 0.9%.

Alistair McGeorge, executive director and chief executive officer of New Look, said that the completion of the financial restructuring is the key to the plan to ensure long-term profitability of the company.