New Look to exit China, close 120 stores
Reuters reported that British fashion group New Look will exit China and close its remaining 120 stores in the region by the end of the year. The decision to exit China is part of an ongoing review of New Look’s international strategy. The retailer has been battling In March, New Look staved off a potential administration when British creditors and landlords backed a restructuring plan enabling it to close 60 UK stores. New Look has an impressive story of previous success and their current woes confirm how difficult it is to run a successful fashion business, especially in the current climate.