New Look says social media spreading trends worldwide

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Beijing is wearing the same as Birmingham, according to New Look’s boss — who thanked fashion’s ubiquity for the retailer’s 17% surge in annual pre-tax profit to £59.1 million.

“Fashion is becoming more and more the same around the world,” chief executive Anders Kristiansen said.

“We used to see a big difference in different countries, but because of social media, trends are the same.

“A massive trend in the UK — like bomber jackets at the moment — is the same in Beijing and Bordeaux.”

Privately-owned New Look, which was bought by South African billionaire Christo Wiese’s Brait vehicle last year, enjoyed an 8.8% rise in same-store sales at its 85 China outlets during the year. It is opening another 50 in the country this year.

In the UK, cash through the tills was only up 3.4%. But Kristiansen flagged up New Look’s new standalone menswear stores; there are eight so far, and another 11 in the pipeline.

New Look posted a statutory loss of £34.9 million for the year, due to the costs of the Brait acquisition and debt refinancing.

Source Article from http://www.standard.co.uk/business/new-look-says-social-media-spreading-trends-worldwide-a3265711.html

June 7, 2016 |
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