Calvetron Brands’ restructuring plan, which has already claimed the closure of its Dash and Eastex clothing labels, will also see 102 Jacques Vert and Precis concessions axed across the UK and the Republic of Ireland.
Inditex sales may have risen only 2% in Q1 but it was still a record quarter and without currency exchange effects it would have powered ahead by 7% as both online and stores expansion again proved a winning formula.
New Look has admitted last year was very difficult as it revealed bleak trading results amid external and “self-inflicted” issues. However, it said its turnaround plan is on track to deliver stability for the new year.
The value brand said this has been the fastest rollout in retail history. The company wants to be one of the largest clothing retailers in the UK by sales volume and become a £100m annual turnover business.