New Look has successfully completed a £ 100 million debt refinancing deal with Wells Fargo, which it will use to boost its omnichannel offering following a full-year loss.
The UK apparel retailer will reportedly use the agreement to bolster its omnichannel operating model and adapt to shifting consumer purchasing preferences.
Since New Look prioritised full-price sales, its revenue increased from £ 839.6 million in 2022 to £ 844.7 million. Additionally, the company reported a 67 per cent rise in adjusted EBITDA for the entire year, from £ 25.2 million to £ 42.2 million.
The RetailX UK Top50 retailer reported a statutory loss before tax for the period of £ 87.8 million, up from a loss of £ 25.5 million in 2022, and attributed it to a one-time impairment charge of £ 47.4 million as a result of annual accounting evaluations of all tangible and intangible assets.
“We have turned focus back on what the core business is about: cost and our strategic investments. We often reference omnichannel, as does everyone, but for New Look it has made a meaningful difference,” explained Helen Connolly, chief executive, New Look.
Furthermore, Connolly stressed that despite the ongoing challenges surrounding inflation the brand was confident of its long-term appeal and looked forward to strong sales on the lead-up to Christmas.
