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British fast fashion company New Look underwent restructuring in the 2018/2019 financial year. The resulting store closures, in the meantime, meant that the number of people employed in New Look stores worldwide went down as well. In the financial year 2023/24, employee numbers decreased to less than . Financial years run in the 52 weeks ending on the last working day of March for each consecutive year.

Store closures

New Look is but one of many UK retailers struggling to survive on the high street. Between 2010 and 2019 they were many large retail closures in UK high streets, resulting in huge job losses. New Look itself lost over 100 stores in the UK to closures as part of restructuring plans that followed a CVA.

Revenue and profits falling

A closer look at New Look’s financial results gives us clues about the dire straits the clothing retailer seems to have been in for a while. In 2022, the New Look Group reported worldwide revenues had increased on the previous year, but still continued the downwards trend since 2016. Even the retailer’s e-commerce business, which flourished particularly around 2017, has taken a blow in more recent years, except for during 2020/21 when e-commerce generally rocketed due to lockdowns.