October 18, 2018 / 7:57 AM / a month ago

UK fashion retailer New Look to exit China, close 120 stores

LONDON, Oct 18 (Reuters) - British fashion group New Look said on Thursday it has decided to exit its retail business in China and intends to close its remaining 120 stores there by the end of the year.

“Despite substantial investments in China in recent years, performance has been below expectations and this business has not achieved the necessary sales and profitability to support the significant future investment required to continue these operations,” New Look said.

The retailer is owned by South African investment firm Brait . (Reporting by James Davey, Editing by Paul Sandle)

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