New Look annual revenue 2011-2021
New Look has been part of the UK’s clothing market since 1969, but the past few years have seriously challenged the fashion retailer’s high street presence, resulting in a number of store closures across the town centres of the United Kingdom. Following the poor sales performance the retailer reported for the financial year 2018, New Look announced an approval for a Company Voluntary Agreement (CVA), which meant significant restructuring of the company, including store closures and exiting the Chinese and Middle Eastern markets.
Retailers that specialize in the sales of clothing and apparel lost the highest number of stores to closures due to CVAs and administration. New Look is by no means the only UK retailer struggling at the moment. Since 2018, other staples of UK high streets, such as House of Fraser, Arcadia and most recently Debenhams had to go into administration and cut down store and employee numbers.
New Look’s turnaround plans, on the other hand, seem to be efficient. In the financial year 2018/2019, New Look was able to deliver profits after a year of turbulence. This was largely down to the success of the retailer’s e-commerce business. By 2020, however, annual revenue of New Look suffered another substantial loss, down from 1.2 billion to 913 million British pounds.
CVAs and administration
Retailers that specialize in the sales of clothing and apparel lost the highest number of stores to closures due to CVAs and administration. New Look is by no means the only UK retailer struggling at the moment. Since 2018, other staples of UK high streets, such as House of Fraser, Arcadia and most recently Debenhams had to go into administration and cut down store and employee numbers.
Successful turnaround
New Look’s turnaround plans, on the other hand, seem to be efficient. In the financial year 2018/2019, New Look was able to deliver profits after a year of turbulence. This was largely down to the success of the retailer’s e-commerce business. By 2020, however, annual revenue of New Look suffered another substantial loss, down from 1.2 billion to 913 million British pounds.
