New Look owners appoint Rothschild to advise on potential sale
Alcentra and Brait, the owners of New Look since October 2020, have appointed investment bank Rothschild to orchestrate a ‘strategic review’ ahead of a potential sale next year.
The appointment, revealed by Sky News, follows a number of approaches for New Look, which operates around 340 stores in the UK, from ‘unidentified suitors’.
In April, New Look announced a £30 million capital injection from shareholders to support its digital growth strategy.
As part of that, the company’s aim is to increase its digital orders from £500 million to £1 billion by 2030 and secure a 10% share of the online market by the 2028 financial year.
The cash call came after New Look closed up shop in the Republic of Ireland earlier this year. Despite “undergoing changes” to adapt to the retail landscape, the brand shuttered its doors “due to the challenging market environment, rising costs and weakening consumer demand”.
In May, New Look confirmed it was cutting up to 100 jobs at its head offices in London and Weymouth as part of its wider growth plan.
The aim of the restructuring was to ensure that head office functions are ‘optimally aligned’ to deliver on the company’s strategy.
New Look currently employs around 8,000 people. The head office cuts were reported to have no impact on store or warehouse staff.
