New Look has filed its accounts for the year to the end of March and they show both challenges and progress. The company — or New Look Retailers Limited to give it its official name — is reportedly up for sale. So what condition would any buyer find it in?
Photo: Sandra Halliday
Bearing in mind that the latest year was the 52 weeks to late March 2025, rather than 53 weeks in the prior year, it saw a revenue fall that was about more than just the loss of an extra trading week.
The company said that total revenue dropped to £687.7 million from £735.4 million due to “store closures and tough trading conditions”.
The gross margin fell to 48.1% from 48.7% due to higher levels of discounting, the overall challenging market and unseasonal weather.
Meanwhile the company’s adjusted EBITDA fell to £18.47 million from £46.65 million due to that reduction in sales and the increased promotional activity.
The operating loss was £47.6 million after a profit of £17.4 million on the same basis is the year before. The statutory loss before tax widen to £77.2 million from a £3.6 million loss the previous year, partly due to those lower sales but also increased admin expenses. They included the cost of liquidation of the Irish business (which added up to more than £40 million) and increased staff costs. Finance expense was also higher for the business.
The net loss for the period was also £77.2 million after a £3.7 million loss in the prior year.
But the company got a £30 million cash injection from its shareholders to accelerate its digital transformation during the period.
Other upbeat news during the year was that the company remains a key part of the UK womenswear retail scene (it was number three overall for womenswear in the 18 to 44 age range both online and offline). It also maintained its number one market share position in women’s dresses, jeans and footwear.
And its total known customers grew by 15% to 10 million with its CRM customer base growing 32% to 4.5 million.
It ended the year with 337 stores compared to 356 in the previous period.
CEO Helen Connolly told FashionNetwork.com: “The past year has been about sharpening our focus and strengthening our existing foundations. We have made deliberate choices to simplify the business and invest where we know we can win – in digital, data and customer experience.
“Moving through the festive season, we are seeing encouraging signs of momentum, with strong customer loyalty and engagement, along with an expanding digital base. We remain focused on our goal to double digital orders from £500m to £1bn by 2030. There is still more to do, but our direction is clear and our strategy is working. We are entering this next phase with confidence, discipline and a strong understanding of what matters most to our customers.”
As her upbeat stance suggests, the company has been putting a number of growth initiatives in place since the financial year ended and only last month named a new retail director responsible for the store estate and for implementing its omnichannel strategy across stores “to drive sales and enhance the customer experience”.
It also recently launched its first-ever loyalty programme, Club New Look; added all its major suppliers to the TrusTrace global platform to standardise its supply chain traceability and compliance data management; and got that big cash injection. The £30 million will be spent on its data, AI and e-commerce platforms “to enhance [the] seamless, personalised shopping experience for its 10 million customers”. As well as doubling digital orders from to £1 billion by 2030, it wants to grab a 10% online market share by FY28.
Vancouver-founded waterproof footwear brand Vessi opened on Wednesday its first U.S. retail store at Bellevue Square in Washington.
Canadian footwear brand Vessi opens first U.S. retail store. – Vessi
The new store is designed to give customers hands-on access to the brand’s waterproof technology and fit, allowing shoppers to experience the performance and comfort of Vessi products in person for the first time in the U.S. market. The location will house the company’s full footwear assortment alongside a selection of outerwear.
“Opening our first U.S. store is an important step for the brand,” said Andy Wang, co-founder and CEO of Vessi. “The Pacific Northwest has always been a core market for us, and Bellevue is a natural place to bring the Vessi experience into a physical retail setting.”
Founded in 2018, Vessi has built its business around lightweight, everyday footwear engineered with its proprietary Dyma-tex waterproof knit technology. The brand has sold more than two million pairs worldwide.
To mark the opening, Vessi said it will donate all profits generated during the store’s opening period through its first weekend of operations to support local flood relief and recovery efforts. The company will also make a separate donation to assist flood-affected communities in Abbotsford and the Lower Mainland in British Columbia.
The Council of Fashion Designers of America (CFDA) announced on Wednesday the launch of two new initiatives aimed at strengthening American fashion manufacturing, supporting workforce development, and driving innovation and economic growth.
CFDA unveils new fashion manufacturing grants backed by Ralph Lauren. – Ralph Lauren
The first initiative, the CFDA x NY Forward Grant Fund, is supported by funding from both the New York State Department of State and Ralph Lauren Corporation and will provide partially matching grants to designers and manufacturers based in New York City’s Garment District. The program will distribute grants in two rounds, scheduled for 2026 and 2027, to Garment District–based fashion manufacturers as well as designers producing in-house.
The second, the U.S. Fashion Manufacturing Fund, was created with Ralph Lauren as its founding partner and will offer support to apparel manufacturers nationwide. It will operate from 2027 through 2029 and extend support beyond New York to major apparel-producing regions including California, New Jersey, North Carolina, South Carolina, Texas and Florida, among others. The program will provide partially matching grants covering up to 80 percent of each award, with recipient manufacturers contributing the remaining 20 percent.
“Strengthening American manufacturing to ensure designers have local partners has long been at the core of CFDA’s mission,” said Steven Kolb, CEO and president of the CFDA.
“We are proud to extend our decade-plus work with Ralph Lauren Corporation and expand to a national level while also continuing our local NYC investments alongside our first-ever partnership with the New York State Department of State.”
The new funds build on the CFDA’s Fashion Manufacturing Initiative (FMI), launched in 2013 in affiliation with the New York City Economic Development Corporation, Andrew Rosen and long-term supporters including Ralph Lauren.
To date, Ralph Lauren has contributed $2 million as FMI’s premier underwriter, enabling grants to 54 factories and supporting more than 2,000 jobs across the sector.
“Our expanded partnership with the CFDA reflects Ralph Lauren’s enduring commitment to advancing innovation and supporting American fashion,” said Katie Ioanilli, chief global impact & communications officer, Ralph Lauren Corporation.
“This is not only an investment in our industry — it’s an investment in a vital part of American culture that we share with the world.”
Crown Brands Group, a newly formed brand management firm, in partnership with Rafar Group, the parent company of Gelmart International, has acquired intimate apparel brand Hanky Panky.
Under the agreement, Rafar will act as the operating partner, overseeing product design and development, e-commerce operations and distribution, while Crown will lead brand strategy, and global licensing. The two companies will collaborate on marketing strategy and execution.
The acquisition establishes Hanky Panky as the anchor asset in Crown’s planned portfolio of heritage consumer brands. Crown is backed by G72 Holdings, the family office of Raymond Gindi, whose family co-founded US off-price retailer Century 21 Stores, and was created to acquire and scale heritage brands.
“Hanky Panky is the definitive example of the type of brand we are building our platform around—one with authentic heritage, category leadership, and incredible customer loyalty,” said Raymond Dayan, CEO of Crown Brands Group.
“As our inaugural acquisition, this deal sets the standard for our portfolio strategy. By combining Crown’s retail relationships and brand management focus with Rafar’s operational excellence, we are positioned to unlock significant growth for Hanky Panky while honoring the quality that millions of women trust.”
Founded nearly five decades ago, Hanky Panky has built a global following, with one Signature Lace Thong sold every 10 seconds worldwide. The brand is currently distributed through more than 2,500 boutiques, department stores and e-commerce platforms. Hanky Panky co-founders Gale Epstein and Lida Orzeck will remain actively involved in the business and will join the brand’s board of directors.
“We built Hanky Panky on a foundation of comfort, quality, and female empowerment, and it was vital to find partners who respect that DNA,” said Epstein and Orzeck. “We trust Crown Brands Group and Rafar Group to steward this legacy. Their combined vision gives us great confidence that Hanky Panky will continue to thrive and innovate in this exciting next chapter.”
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