Fashion giant New Look is reportedly accelerating plans to close stores.
Mannequins stand on display at a New Look fashion store New Look has confirmed the first of a raft of store closures bosses are said to have ordered in response to Labour tax changes. The fashion giant has been planning to trim its high street presence for some time. But it reportedly increased the number of planned closures after the Autumn budget, which will ramp up employers’ National Insurance contributions and minimum wage bills from April onwards.
‘We also continue to invest in our thriving online platform which has resulted in a strong online sales performance, with volumes significantly outpacing last year and an improved online margin.’ Chancellor Rachel Reeves with the Budget Box New Look continues to be a major store and online retailer in the UK, ranked number two for overall women’s wear market share in the 18 to 44 age range by market research company Kantar. More than 10 million customers shop online, in-store and via the app.
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