Moving Menswear Online to Boost Growth Strategy
- New Look plans to remove menswear from physical stores
- Menswear to be sold online only
- 160 stores affected in next 4-6 months
- Space likely to be replaced with childrenswear and womenswear
- Debt reduction deal agreed earlier this year
- Nigel Oddy appointed as chief COO
Clothing retailer New Look is set to remove its menswear offering from physical stores by autumn 19, transitioning it to an online-only model. The company plans to close 11 standalone menswear branches and sell the range through third parties like Asos and Zalando, as well as its own website. In addition, the in-store space will be replaced with childrenswear brand 915 and womenswear. This move follows a debt-for-equity swap proposal to reduce debt from £1.35bn to £350m and the appointment of Nigel Oddy as chief COO, who brings operational expertise and retail experience to aid in New Look’s turnaround strategy.
Factuality Level: 8
Factuality Justification: The article provides relevant information about New Look’s decision to remove menswear from its stores and move it online, the timeline of the process, and the appointment of Nigel Oddy as COO. It also mentions the debt-for-equity swap proposal and the company’s turnaround strategy. However, there is no direct source cited for some information and the justification for this decision is not explained in detail.
Noise Level: 3
Noise Justification: The article provides relevant information about New Look’s decision to move its menswear offering online and the appointment of Nigel Oddy as COO. However, it lacks in-depth analysis or exploration of the consequences of this decision and does not offer much actionable insights for readers.
Financial Relevance: Yes
Financial Markets Impacted: New Look’s decision to remove menswear from stores and shift focus may impact its financial performance, affecting the retail sector and potentially stock prices of related companies.
Financial Rating Justification: The article discusses New Look’s strategic business decisions that could affect its financial performance and the retail sector, which makes it financially relevant. It also mentions a debt-for-equity swap proposal and the appointment of a new COO, both of which have financial implications.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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