Chief executive of fashion retailer New Look quits
![Anders Kristiansen's departure comes after New Look reported falling sales amid a 'difficult' market. Picture: New Look/PA Wire](https://www.scotsman.com/webimg/legacy_elm_58751901.jpg?crop=3:2,smart&width=640&quality=65&enable=upscale)
![Anders Kristiansen's departure comes after New Look reported falling sales amid a 'difficult' market. Picture: New Look/PA Wire](/img/placeholder.png)
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New Look, owned by South African investment group Brait, said that Kristiansen’s departure was “mutually agreed”.
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Hide AdManaging director Danny Barrasso has been appointed interim chief executive while the board begins the hunt for a permanent successor.
Chairman John Gnodde said: “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.”
Last month, New Look revealed tumbling sales and earnings amid warnings of a “difficult” market.
The fashion retailer posted a 60.3 per cent plunge in underlying operating profits to £12.1 million for its first quarter ending 24 June after UK like-for-like sales dropped 7.5 per cent.
On a bottom-line basis, the group fell into the red with losses after tax of £15.2m against profits of £5.8m a year earlier.
It blamed tough conditions on the high street, but its ranges have also missed the mark in recent months.
Kristiansen said: “I have really enjoyed my time at New Look and it has been a privilege to work with so many amazing, hard-working and talented people.
“I am proud of what we have achieved as a company and have every faith in New Look’s future prospects and progression.”