New Look’s shareholders, Alcentra and Brait, are investing £30mn of new equity into the company to fuel its digital transformation.
According to reports, the investment – to be confirmed later this week – is earmarked for new technology and systems to optimise New Look’s customers online experience.
Helen Connolly, New Look chief executive, said: “Our goal is to be the number one online destination for feel-good fashion, powered by our loyal customer base and proven digital model.
“This new capital injection means we can ramp up our digital operations, enhance customer service, and drive growth and achieve our goal of £1bn online demand by 2030.
“It will allow us to get even closer to our growing customer base, giving them more of what they want: trend-led, high-quality fashion and a seamless shopping experience.”
The UK-based fashion chain, which was recently ranked Leading in RetailX’s UK500, completed a £100mn debt refinancing deal with Wells Fargo in 2023 to boost its omnichannel offering. New Look’s statutory loss before tax narrowed to £21.7mn last year, with sales reaching £769mn, compared to a loss of £88mn the previous year.
New Look has also worked to improve its sustainability perception, and had its emissions targets approved by the Science Based Targets initiative (SBTi). The emissions targets include a short-term goal to reduce absolute scope 1 and 2 greenhouse gas emissions by 42% by 2030. The fashion retailer will also work to reduce absolute scope 3 greenhouse gas emissions by the same amount by the end of the decade.
Additionally, New Look has a long-term target to become Net Zero by 2040 for both scope 1 & 2 and scope 3.
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