New Look to exit China
Fashion retailer New Look is to exit its retail business in China after gradually reducing its number of stores in the country.
The company is now planning to close its remaining 120 Chinese stores by the end of December. It will also be closing its Shanghai head office shortly afterwards.
New Look has made substantial investments in China in the last few years but now says the performance has been below expectations and not enough to support the significant investment required to continue the operations.
The company said it will ensure its obligations to suppliers, landlords, government and other authorities in China are concluded satisfactorily, and will support all affected staff.
New Look is continuing to conduct a review of its international markets as part of its turnaround strategy.
Alistair McGeorge, executive chairman of New Look, said: “As our turnaround plans continue, we remain focused on ensuring that New Look is well positioned to drive strong business performance and profitable growth.”
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