New Look Set to Debut in China
Planning on a Spring 2014 launch of 21 China stores, the expansion follows a rise in sales for the British-Born retailer. The company has confirmed that it has signed agreements of six store opening in shopping malls around Beijing and Shanghai, with other openings planned throughout the year.
The British global store also has plans to expand further into Germany, Russia and Poland. Targeting the franchise, in Poland, New Look plans on buying out their local franchise partner and in Russia, moving on from franchise to create expansion. While in Germany, New Look currently has 10 concessions in some of the leading department stores, the expansion aims to provide the company with their own stand-alone stores.
New Look has reported half year profits of over £13.8m compared to a loss of £13.6m the previous year.
The company has commented that through keeping up on trends, offering more fashionable pieces such as fur-lined parkas and boyfriend coats were all helping in driving sales. A recent collaboration with ASOS has also helped in increasing e-commerce by 78.8 per cent.
New Look’s chief executive, Anders Kristiansen commented that the company is at the moment, focusing on “executing strategy”.