South African investment group Brait acquires New Look
Fashion retailer New Look – founded by Tom Singh in 1969 – has been sold to South African investment group Brait in a deal valuing the retailer at £1.9 billion.
As part of the acquisition Brait takes a 90% stake in New Look for around £780 million. The remaining 10% has been acquired by the Singh family interests and the current management. Those remaining at the business include chief executive Anders Kristiansen, financial chief Mike Iddon and chief operating officer Roger Wightman.
“We are delighted to have announced this transaction. Brait has a track record of long-term and supportive investments – they give us the perfect platform to continue our strategy of growing the New Look brand in the UK, Europe and China. I’d like to take this opportunity to thank our existing shareholders for their support over the years, and I am looking forward to working with Brait in the future,” says Kristiansen.
“This was the ideal outcome for us. The Brait team demonstrated to us that they have the long-term vision to grow this brand,” adds New Look chairman Paul Mason.
“New Look is an attractive investment opportunity for Brait – it is a market-leading brand, with a strong track record of double-digit EBITDA growth, solid cash flow conversion, international reach and the potential to grow rapidly in a number of geographic markets including China. We have been highly impressed with the management team and look forward to partnering with them,” shares John Gnodde, chief executive of Brait.
