New Look, UK’s famous fashion retailer, will exit China by shutting down nearly 130 of its stores. The company now intends to focus on improving its domestic business.
The decision comes after New Look’s move to stall the much ambitious 450-store plan, back in June 2018. The project was halted after opening just 148 stores.
Reportedly, New Look has now appointed CBRE, the property expert, to find new tenants for the remaining 130 stores in China.
Earlier in March 2018, when New Look signed Company Voluntary Arrangement with its creditors in the UK to shut down 60 stores, many speculated the company’s possible exit from China as well.
New Look’s Chairman, Alistair McGeorge, said that full closure of its business in China may send shocking waves among retail analysts considering the pace at which middle class population has grown in China.
There are also now plans of company shutting down its outlets in other countries like Poland, Belgium and France.
Notably, New Look’s international operations lost over £37m till March 2018.
