Speculation has been brought to an end following the announcement that New Look has been sold to private equity investment firm Brait by Apax and Perimira who have owned the fashion retail business for 11 years. Brait is owned by Christo Wiese, the South African billionaire who is also behind the recent launch of Pep & Co., a fashion retail business which will open 50 stores in the UK this summer. Wiese had also purportedly shown interest in BHS.
A 90 per cent has been acquired in New Look by Brait for £780 million, with the remaining stock going to the Singh family interests and current New Look management. CEO Anders Kristiansen, CFO Mike Iddon and COO Roger Wightman retain their roles with the retailer which can now accelerate its international growth plans. .
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