The chief executive of the embattled fashion retailer New Look Anders Kristiansen is set to quit the company after nearly five years.
According to Sky News the official announcement of his departure is expected today, with New Look UK‘s managing director Danny Barrasso thought to be replacing him in the interim.
The news comes amid turbulent times for the fast-fashion retailer, as it revealed a 60 per cent dive in profits in its last quarter earlier this month, and is still struggling with £1.2 billion of debt.
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Kristiansen‘s motives have not yet been established, but he is expected to take on another undisclosed role in the coming months.
He is credited with guiding the retailer through the £2 billion sale to South African investor Brait, and driving growth in both its digital operations and Chinese markets.
Recently New Look underwent another high profile staff change as Paula Dumont Lopez was recruited from rival Inditex, owners of numerous fashion chains including Zara.
She was brought in in an effort to reinvigorate the retailer‘s offering in what Kristiansen described as a “difficult” market.