Tue, 03 Jun 2014 | DIVISION SALE
Fashion retailer for women and men, New Look, is looking at the possibility of selling off its French business, called Mim.
The 356-store business, which it acquired in 2000, is loss-making, with New Look having to write down the value of Mim’s net assets and incurring a £64.2 million impairment charge, before reporting a pre-tax loss of £55 million.
Other than that New Look is performing well, the group made pre-tax profits of £3.1 million in 2012-13.
Selling its clothing and accessories from over 1,100 stores in 24 countries, New Look grew its sales by three per cent to £1.53 billion, with ecommerce sales in particular thriving with a 63.9 per cent increase.
New Look has already received expressions of interest for Mim from potential buyers, chief executive Anders Kristiansen said.
The company had opted for an IPO (initial public offering), but pulled out in 2010 faced with volatile financial markets.
Going forward the plan is to expand and develop the New Look brand in Britain, China, Poland, Germany and Russia, as well as its online business. It wants to open more stores, and to claw more market share away from rivals.
The potential sale of Mim comes despite its sales having picked up over the past two months.
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