New Look owners inject £30m to accelerate digital transformation
New Look owners are injecting £30m of fresh equity into the fashion chain in a bid to accelerate its digital transformation.
New Look owners are injecting £30m of fresh equity into the fashion chain in a bid to bolster its digital transformation.
The retailer is to confirm this week that its shareholders Alcentra and Brait has provided the investment, Sky News reported.
New Look employs about 10,000 people across its 340 UK stores. The retailer pulled the plug on its Irish operations earlier this year following “several years of sustained losses and challenging market conditions”.
The new capital will be earmarked to invest in the fashion brand’s technology and systems to optimise customers’ online experience.
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New Look narrowed its statutory loss before tax from £88m to £21.7m last year as sales hit £769m.
New Look chief executive Helen Connolly told the title: “Our goal is to be the number one online destination for feel-good fashion, powered by our loyal customer base and proven digital model.
“This new capital injection means we can ramp up our digital operations, enhance customer service, and drive growth and achieve our goal of £1bn online demand by 2030.
“It will allow us to get even closer to our growing customer base, giving them more of what they want: trend-led, high-quality fashion and a seamless shopping experience.”
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