Further to the announcement on 5 September 2014, New Look today confirms the completion of the sale of its Mim subsidiary (“Mim”) to Main Asia (HK) Limited, an independent company advised by Asia Global. The terms of the transaction are not being disclosed.
Enquiries
Tulchan Communications LLP 020 7353 4200
Lucy Legh
Tom Buchanan
Will Smith
Notes to editors
About New Look
Founded in 1969, New Look has grown from a single store to become a dynamic, international, multichannel retail brand with a unique value-fashion offer in apparel, footwear and accessories for women, men and teenage girls. It is the No. 1 value retailer for the under 35s women’s clothing and accessories market, including footwear (source: Kantar Worldpanel for year to October 2014). The New Look Group has over 1,100 stores across the globe in 24 countries.
The Group’s Mim brand consists of 356 Mim stores in France, Belgium, Morocco and Romania including affiliate* stores.
*An affiliate is a concession agreement in which the partner bears the store and staffing costs while Mim retains ownership of the stock.
About Main Asia (HK) Limited
Main Asia (HK) Limited is a Chinese holding company based in Hong Kong, established in 2014 to acquire the Mim businesses in France. The main shareholders and the management of this company are active in apparel and textile manufacturing and trading, along with a significant experience in high-end brand management.
Main Asia seeks to continue Mim’s existing strategy with the aim to improve the profitability and the performance of the company and does not foresee any substantial modification of the current company organization.