×
7 329
Fashion Jobs
PRIMARK
Product Owner - Payroll Management
Permanent · READING
PRIMARK
Third Party Security Assurance Manager
Permanent · READING
FRASERS GROUP
Warehouse Supervisor - Night Shift
Permanent · SHIREBROOK
FRASERS GROUP
Warehouse Section Manager - Night Shift
Permanent · SHIREBROOK
HARRODS
Buyer
Permanent · LONDON
HEAD OFFICE
SEO Copywriter, Financial Services
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · HIGH WYCOMBE
JOHN LEWIS
Loss Prevention Partner
Permanent · KINGSTON UPON THAMES
JOHN LEWIS
Loss Prevention Partner
Permanent · READING
STRADIVARIUS
General Manager - Stradivarius Liffey
Permanent · DUBLIN
MULBERRY
Warehouse Operative
Permanent · SHEPTON MALLET
NEXT
Stock Coordinator - Hatfield Oldings
Permanent · HATFIELD
NEXT
Delivery Coordinator - Horsham
Permanent · HORSHAM
MASSIMO DUTTI
Massimo Dutti Central London - General Manager
Permanent · LONDON
ESTEE LAUDER
Clinique - Consultant - Boots, Uxbridge - 5.5 Hours/Week - Part Time, Permanent
Permanent · Uxbridge
ESTEE LAUDER
Clinique - Consultant - Boots Bon Accord, Aberdeen - 15 Hours - Part Time, Permanent
Permanent · Aberdeen
SELFRIDGES
Stock Operative- Full Time - Menswear
Permanent · BIRMINGHAM
URBN
Urban Outfitters Buying Coordinator - London, UK
Permanent · LONDON
SPORTS DIRECT
Loss Prevention Supervisor - New Store
Permanent · DERBY
GAME
Assistant Trade Marketing Manager
Permanent · BASINGSTOKE
MULBERRY
Digital Stock Operative
Permanent ·
HEAD OFFICE
Buyer l7
Permanent · BRACKNELL
By
Reuters
Published
Aug 12, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

New Look gets offer for loss-making French business

By
Reuters
Published
Aug 12, 2014

LONDON Aug 12 (Reuters) - British fashion retailer New Look has received an offer for its loss-making French unit Mim and is confident a deal will be struck.

The firm, owned by private equity groups Apax and Permira as well as founder Tom Singh, also said on Tuesday its first-quarter sales and earnings exceeded its own expectations as it tapped into key summer fashion trends such as Kimonos, printed trousers and running shorts.

Chief Executive Anders Kristiansen declined to name the suitor for the Mim business, which has over 350 stores, but told reporters it was an Asian group that already operates in Europe, though not in retail.

"We're making good progress, I think it will happen," he said, declining to say what the non-binding offer is worth.

New Look

New Look, which goes up against Primark and Next in a fiercely competitive British fashion retail market, had said in June it could sell Mim as France is not a country it plans to focus on.

Its strategy is to focus on building and developing the New Look brand in Britain, online and internationally in four countries - China, Poland, Russia and Germany.

The group said revenue rose 8.1 percent to 392.5 million pounds ($658 million) in the 13 weeks to June 28, with sales at stores open over a year up 8.9 percent. UK like-for-like sales rose 11.6 percent, while e-commerce sales jumped 39.2 percent.

New Look said underlying earnings rose 18.8 percent to 59.4 million pounds.

Kristiansen said the company was well placed for the year ahead, though he did caution that the second quarter faces tougher comparative numbers versus the year before.

"We have had a pleasing start to the second quarter," he said, noting the benefit of good weather.

New Look, which currently has net debt of 1.04 billion pounds, pulled a planned stock market listing in 2010 amid turbulent financial markets.

Kristiansen said another attempt at an initial public offering (IPO) should not be expected any time soon.

"The owners, shareholders, will decide when we should do an IPO ... I don't see that happening in the imminent future," he said.

($1 = 0.5966 British Pounds) (Reporting by James Davey; Editing by Paul Sandle and Pravin Char)

© Thomson Reuters 2022 All rights reserved.