Despite disappointing sales towards the end of last year (attributed to unusually warm weather), New Look has now confirmed it is ready for the stock market.
Sales at the high street retailer dropped 1.6% during the autumn of 2014 but soon picked up over Christmas, as CEO Anders Kristiansen noted how the fashion chain saw its record sales in December, particularly over mobile devices. Any falls over the year have only highlighted the company’s sustainability. “This is a robust performance against a challenging backdrop. Although October and November were affected by unseasonably warm weather, we grew market share in the period” said Kristiansen.
New Look owners have been looking to return to the market since 2010, after an 11 year absence. However, tempestuous market conditions caused investors to pull out, halting the move until now. “We’ve demonstrated that in tough periods we continue to perform well so I think this business is ready” states Kristiansen.
Named as the UK’s number two retailer, and with recent refurbishments across over 319 of its stores, the company is hoping for further expansion. It remains on target to open 20 new stores in the country by the end of year, and to further expand its global portfolio in France, Germany and Poland.
Moving from strength to strength, 2015 is the opportune year for New Look to push for another go at an Initial Public Offering. Listing shares on a stock exchange will all come down to Apax and Permira’s green light, the private equity owners of the company.