New Look chief executive quits the firm

New Look in St Stephen's Street, Norwich. Picture: Archant

New Look in St Stephen's Street, Norwich. Picture: Archant - Credit: Archant

The chief executive of struggling fashion chain New Look has quit.

The retailer, owned by South African investment group Brait, said Anders Kristiansen's departure was 'mutually agreed'.

Managing director Danny Barrasso will serve as interim chief executive while the board hunts for a permanent successor.

Chairman John Gnodde said: 'As New Look embarks on its next phase of development, we have mutually agreed that it is the appropriate time for a change to the leadership of the company.'

Earlier this month, New Look revealed tumbling sales and earnings amid warnings of a 'difficult' market.

The fashion retailer posted a 60.3% plunge in underlying operating profits to £12.1m for its first quarter to June 24 after UK like-for-like sales slumped 7.5%.

On a bottom line basis, the group fell into the red with losses after tax of £15.2m against profits of £5.8m a year earlier.

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It blamed tough conditions on the high street, but its ranges have also missed the mark in recent months.

Mr Kristiansen said: 'I am proud of what we have achieved as a company and have every faith in New Look's future prospects and progression.'