New Look owners are injecting £30m of fresh equity into the fashion chain in a bid to bolster its digital transformation.

The new capital, provided by the retailer’s shareholders Alcentra and Brait, will be invested in the fashion brand’s technology and systems to optimise customers’ online experience.

It said the funding will “power the next stage” of its digital transformation and will be deployed across four key areas of growth, including data-driven innovation; investment in technology; improving loyalty and engagement; and streamlining and improving the customer journey.

New Look hopes the investment will help to double its digital orders from £500m to £1bn by 2030 as well as boost its online market share by 10% by the 2028 financial year.

Chief executive Helen Connolly said: “Our goal is to be the number one online destination for feel-good fashion, powered by our loyal customer base and proven digital model.

“This new capital injection means we can ramp up our digital operations, enhance customer service, and drive growth and achieve our goal of £1bn online demand by 2030.

“Our customer is at the heart of everything we do. We know them inside out – what they love, how they shop, and what inspires them.

“This new funding is a clear endorsement of our compelling strategy. It will allow us to get even closer to our growing customer base, giving them more of what they want: trend-led, high-quality fashion and a seamless shopping experience.

“By combining our digital expertise with our UK store network, we’re creating a shopping journey that’s smarter, faster, and more personalised. I have never been more excited about the future of New Look.”

The retailer narrowed its statutory loss before tax from £88m to £21.7m last year as sales hit £769m. Earlier this year the retailer pulled the plug on its Irish operations following “several years of sustained losses and challenging market conditions”.

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