Fashion chain New Look caught up in retail woes
New Look is the latest clothing retailer to unveil a slump in sales, with same'‘floorspace revenues falling 7 per cent in a 'tough' first trading quarter to 25 June '“ two days after the Brexit vote.
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The fashion chain blamed “unfavourable market conditions” as it said shoppers stayed away from shops in what was a difficult spring/summer season for clothes retailers amid uncertainty ahead of the EU referendum, wet weather in April and June and the early fall of Easter.
Last year, New Look was snapped up by South African billionaire Christo Wiese in a deal worth some £780 million.