New Look has announced its founder, Tom Singh, is to retire following the reduction of its debt burden by about GBP1bn (US$1.31bn).
In a statement last month, the UK fashion retailer hailed a “significant milestone” in its turnaround process after completing a restructuring transaction.
Now, New Look says Singh will retire at the end of June.
“I’m incredibly proud of all that we have achieved at New Look over the past 50 years,” he said. “There have been many challenges, but I have been fortunate to work with inspiring and dedicated teams. Thanks to their hard work, and New Look’s loyal customers, the brand has remained a leader in the highly competitive womenswear market. With the financial restructuring now complete, I look forward to seeing the company develop successfully.
Executive chairman Alistair McGeorge said Singh’s vision in “pioneering ‘fast fashion'” has supported New Look’s growth from a single shop in Taunton into a leader in the UK womenswear market.
“We look forward to continuing Tom’s legacy and further strengthening New Look’s market position,” he added.
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By GlobalDataMeanwhile, in a separate announcement, the retailer outlined a series of director appointments, including former N Brown CEO Angela Luger.
Luger was appointed a non-executive director alongside former Jaeger CEO Colin Henry, Robin Terrell, chair of Wetsuit Outlet, and Richard Cotter, who previously served as brand president and global CEO of Berghaus at Pentland Group.
The announcement follows the appointment of Nigel Oddy as COO in April.
“I am delighted to welcome Angela, Colin, Robin and Richard to the board. They bring a wealth of retail experience and expertise that New Look will benefit from as we continue our turnaround and rebuild our position in the UK womenswear market following the successful completion of our financial restructuring,” McGeorge said.
