New Look to axe 120 stores as it confirms China exit plans

Fashion chain New Look is planning to exit the China market and close its 120 stores there by the end of the year.

The group, owned by South African investment firm Brait, has appointed a property agent to find new tenants. 

As part of the restructuring, New Look had been reviewing its international strategy. It added: “Despite substantial investments in China in recent years, performance has been below expectations and this business has not achieved the necessary sales and profitability to support the significant future investment required to continue these operations.”