New Look’s chief operating officer Will Kernan is the latest director to leave the struggling retailer. New Look has been without a boss since the departure of Carl McPhail in March, and it is understood Kernan was an obvious bet to become chief executive on the fashion chain in the future. Kernan will instead become chief executive at The White Company after nearly 12 years with New Look.
New Look is preparing to hone its estate by closing 10 per cent of its stores and bringing in new concessions.
The fast-fashion retailer expects to close 10 per cent of its stores following a business review and has identified imaginative ways of utilizing extra space.
CB Richard Ellis and Javelin have been drafted in to review the retailer’s property portfolio and to analyze the company’s sales potential respectively. The results of these reviews are expected to be released in two weeks.
Group property director Richard White has said that New Look is prepared to shut some shops not up for renewal but that only a handful of its 604 stores were unprofitable.
The retailer is also creating a new shop fit which will provide greater space flexibility. The stores will have fewer hard fixtures which allows ranges to be varied regionally and seasonally.
These changes come after a difficult trading period for New Look. Profit slumped from £162.7 million to £98 million in the year to 26 March and founder Tom Singh was drafted in to steady the ship, following the ousting of chief executive Carl McPhail.
Joe Irons, group marketing director for high street fashion chain New Look, is set to join Monsoon Accessorize.
Irons will fill the ecommerce and multichannel director role vacated by Kristine Kirby who quit Monsoon Accessorize in June.
Irons is the latest in a line departures from troubled New Look since former chief executive Carl McPhail was ousted in March.
New Look has named former Matalan chief executive Alistair McGeorge as the chain’s executive chairman.Founder Tom Singh has wasted little time appointing McGeorge to the role after the departure of former chief executive Carl McPhail last month.Currently acting as interim chairman, Singh is focused on McGeorge’s “strong background in value retailing” and could signal a new outlook for the retailer that has been experiencing a dip in sales. Singh went onto state: “McGeorge brings the strategic, leadership and operational skills the group needs to help it move to the next stage of its development.”Speaking in light of his new role, McGeorge described New Look as a “great high street brand operating in attractive markets. I will be working to ensure that we are focused on delivering great product and the performance that our customers have come to expect of us.”McGeorge worked as executive chairman at Matalan for almost four years until November last year and will officially join New Look on 3 May.
The fashion retailer’s chief executive and chairman were both ousted from the group today as Tom Singh becomes interim executive chairman. Both chief executive Carl McPhail and chairman John Gildersleeve will be replaced by Singh with immediate effect, after rumours the founder had become frustrated with New Look’s financial position we reported on last week.Set up from a single store in 1969, the chain was forced to issue three profit warnings since their stockmarket floatation collapsed last year, with the business carrying a reported £1bn in debt. Singh’s move has fuelled rumours that New Look may be considering another IPO.
Chairman John Gildersleeve has confirmed the retailer has no plans to return to the stock market soon, with the state of the industry a major factor in the decision not to float the company. Gildersleeve has dashed any hopes that New Look’s floatation could signal an improvement in the fashion industry for retail, with reports that prevailing economic conditions make a floatation look very unlikely. Speaking in February 2010, following a cancelled floatation plan, New Look chief executive Carl McPhail stated that the retailer would reconsider when the economy improves. And it’s not just the shoppers that will need to tighten their belts, as Gildersleeve also cited the rising price of raw materials will mean much tougher trading for the high street chain. New Look’s sales dropped 9.1 per cent in the 15 weeks to January, which the company blamed on adverse weather conditions.
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