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New Look CEO departs

New Look CEO departs

New Look CEO Anders Kristiansen has stepped down as chief executive of the fast-fashion retailer, the British company said.

New Look CEO departs
Source: Retail Week

Danny Barrasso, managing director of UK and Ireland, has been appointed interim CEO, while the company looks for a permanent successor.

“I would like to thank Anders for the fantastic contribution he has made during his time here. Under his leadership, the company has made significant progress and we wish him well for the future,” said Chairman John Gnodde.

 

 

“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. Danny and the wider executive team have the full support of all the shareholders to provide continued operational progress and leadership as we search for a permanent CEO,” he added.

SEE ALSO : New Look to ramp up China expansion amid ‘appetite for British fashion’

“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. Danny and the wider executive team have the full support of all the shareholders to provide continued operational progress and leadership as we search for a permanent CEO.”

Rumoured to be taking on a new role at another, unspecified firm, Kristiansen joined New Look in 2012. Before this, he spearheaded Danish brand Bestseller’s China business and previously worked at office supplies specialists Lyreco, Herlitz and Staples.

Under Kristiansen’s tenure, New Look opened a number of standalone menswear stores in the UK and launched in China.

SEE ALSO : New Look has tough Q1 as sales and profits plunge

New Look, owned by South African parent firm Brait, has faced considerable market challenges in recent months.

The heavily indebted company last month reported its fifth quarter of falling sales and predicted that challenging market conditions would continue into next year. According to analysts, the China operation, which comprises more than 100 stores, is still not making a profit.