New Look CEO Anders Kristiansen is to leave the business in the coming weeks, according to Sky News.
The news service reports that departure of Kristiansen, who has been with the fashion retailer for five years, will be announced today. New Look’s UK and Ireland managing director Danny Barrasso is understood to be stepping into the role while a permanent successor is found.
News of Kristiansen’s departure comes shortly after it revealed that it had suffered a -4.4% drop in revenue to £338.7m in Q1 while underlying profits slumped more than -60% to £12.1m as the UK market “remained difficult”.
However Kristiansen has presided over a period of rapid expansion for the business, particularly in China, and in online. It is now the third largest online fashion brand in the UK and one of the most preferred among young shoppers, according to a recent study by the WGSN Barometer brand tracker.
New Look is majority owned by South African investor Brait Capital, which acquired the business from PE houses Apax Partners and Permira in 2015 in a deal that placed an enterprise value on the business of £1.9bn. The Singh family, who founded the business 40 years ago, and the company’s management acquired the remaining 10% of the business at the time.
