The chairman of New Look has pinned the retailer’s woes on a failed attempt to target “young and edgy“ customers as it posted a huge loss.
The fashion chain recorded a loss before tax of £234.2m for the year to March 24, widening from a £16.6m loss over the period in 2017.
It suffered a £34.2m blow as it moved to clear excess stock following an ill-fated plan to improve margins by buying more products up front.
Executive chairman Alistair McGeorge said an attempt to go toe-to-toe with online fast-fashion brands such as ASOS and Boohoo had caused New Look to alienate its key customer base.
He said that “for whatever reason", New Look's previous management "had chosen to take the business younger...