New Look outlines global expansion plan

New Look outlines global expansion plan

New Look has outlined a £100m investment plan that will see it expand into Germany and grow its presence in China following a surge in profits.

Speaking to the Press Association, chief executive Anders Kristiansen said: "We want to expand into the German market, we have one concession at the moment and we'll open our first store in October. We want 75 stores over the next five years."

Kristiansen was speaking after New Look notched up increased sales and profits in its first full year of ownership under South African firm Brait. 

Revenue rose 5.4% to £1.4bn, driven by a 3.4% increase in like-for-like sales at its UK stores. Website sales were up 27.9% and in China, where it has 92 stores, like-for-like sales grew 8.8%.

Pre-tax profits grew 16.8% to £59.1m and New Look said it would open 50 more Chinese stores, taking its total to 142.

Brait, which acquired New Look for £763.5m in May last year, has given the green light to increase investment from £73m to £100m in order to fund the expansion drive.