New Look fashions £30m money name to fund digital progress plan

The homeowners of New Look, the excessive avenue vogue chain, are ploughing £30m of recent fairness into the enterprise as they search to speed up its digital transformation.

Sky Information has learnt that the clothes retailer will announce this week that its shareholders – Alcentra and Brait – have supplied the funding as they search to seize a much bigger slice of Britain’s £4.3bn womenswear market.

Insiders stated the funding can be introduced in a press release on Thursday.

New Look operates roughly 340 shops and employs about 10,000 individuals throughout the UK.

It’s the nation’s second-largest womenswear retailer within the essential 18-to-44 year-old age group, and has been owned by its present shareholders since October 2020.

The brand new capital from Alcentra and Brait can be earmarked to optimise prospects’ on-line expertise by investing closely in New Look’s know-how and methods.

Final 12 months, the chain reported gross sales of £769m, with an enchancment in gross margins and a statutory loss earlier than tax of £21.7m – down from £88m the earlier 12 months.

Like most excessive avenue retailers, it endured a torrid COVID-19 and engaged in a proper monetary restructuring by means of an organization voluntary association.

Within the autumn of 2023, it accomplished a £100m refinancing take care of Blazehill Capital and Wells Fargo.

Responding to an enquiry from Sky Information, New Look chief government Helen Connolly stated: “Our purpose is to be the primary on-line vacation spot for feel-good vogue, powered by our loyal buyer base and confirmed digital mannequin.

“This new capital injection means we are able to ramp up our digital operations, improve customer support, and drive progress and obtain our purpose of £1bn on-line demand by 2030.

“It should permit us to get even nearer to our rising buyer base, giving them extra of what they need: trend-led, high-quality vogue and a seamless purchasing expertise.”