New Look founder leaves retailer amid boardroom reshuffle
The chain has upended its leadership team after completing £1.3 billion in debt refinancing last month.
New Look’s founder Tom Singh has announced his retirement from the fashion retailer amid a major boardroom reshuffle.
The chain has upended its leadership team after completing £1.3 billion in debt refinancing last month as part of its turnaround plans.
Mr Singh, who founded the company in 1969, has grown the retailer from one unit in Taunton to a brand with almost 400 stores.
Alistair McGeorge, executive chairman, said: “On behalf of the board, I would like to thank Tom for his immense contribution to New Look over the past 50 years.
“His vision in pioneering ‘fast fashion’ has supported New Look’s growth from a single shop in Taunton into a leader in the UK womenswear market.”
Mr Singh said: “I’m incredibly proud of all that we have achieved at New Look over the past 50 years.”
His retirement follows the appointment of former House of Fraser chief Nigel Oddy as chief operating officer in April.
The firm has followed his appointment by taking on four new non-executive directors, Angela Luger, Colin Henry, Robin Terrell and Richard Cotter.
Ms Luger left her role as chief executive of listed fashion retailer N Brown Group last year while Mr Henry was previously chief executive at Jaeger.
Mr Terrell was previously chief customer officer at Tesco while Mr Cotter was previously group chief executive at Berghaus.
On the board reshuffle, Mr McGeorge said: “I am delighted to welcome Angela, Colin, Robin and Richard to the board.
“They bring a wealth of retail experience and expertise that New Look will benefit from as we continue our turnaround and rebuild our position in the UK womenswear market following the successful completion of our financial restructuring.”