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New Look confirms CEO's departure

Lauretta Roberts
01 September 2017

New Look has confirmed a report from earlier today that CEO Anders Kristiansen has left the business.

In a statement the high street retailer, which is majority owned by South African investor Brait, confirmed the Danish CEO, who joined the business five years ago, had departed and had been replaced by Danny Barrasso, managing director UK & ROI, on an interim basis.

Chairman John Gnodde thanked Kristiansen for his contribution to the business and wished him well for the future, adding: "As New Look embarks on its next phase of development, we have mutually agreed that it is the appropriate time for a change to the leadership of the company. Danny and the wider Executive Team have the full support of all the shareholders to provide continued operational progress and leadership as we search for a permanent CEO."

Kristiansen commented: "I have really enjoyed my time at New Look and it has been a privilege to work with so many amazing, hard-working and talented people. I am proud of what we have achieved as a company and have every faith in New Look's future prospects and progression."

The news breaks shortly after New Look revealed that sales and profits had taken a hit in Q1 with revenues down -4.4% to £338.7m and underlying profits down more than -60% to £12.1m. The company cited the UK market as particularly "difficult".

Kristiansen's leadership will be associated with major international expansion, particularly in China, where he oversaw the opening of more than 100 stores and with introducing standalone men's stores. The business is now also the third largest online fashion retailer in the UK.

However the company recently admitted that its product could have been better lately and had recruited new chief creative officer Paula Dumont Lopez, former head of product at Zara Basic, who joins this month.

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