British fashion chain retailer New Look Group Ltd. has announced plans to enter the Chinese market and it will open the first Chinese store in March 2014.
By the end of 2014, it is expected to have 20 stores in China and it plans to invest in growth of up to 100 stores in this marketplace.
In January 2013, New Look welcomed its new chief executive officer Anders Kristiansen, who has many years' experience in the Chinese market. He previously worked as vice president of Bestseller Fashion Group, the Danish parent company of Vero Moda and Jack & Jones.
Kristiansen said that they have had good communications with Chinese real estate owners and the entry into China is a correct strategy. However, he said the development of the Chinese market will proceed step by step.
According to New Look's latest annual financial report ended March 30, 2013, the company's profit increased by 29% to GBP189.2 million; its sales increased by 2.5% to GBP1.48 billion; its online sales surged by 50.1%; and its gross margin increased by 2%.