British media: Fast fashion brand NEWLOOK may change ownership next year, potentially leading to over 17,000 store closures in the UK.
According to a report by Sky News on the 24th, the British fast fashion brand NEW LOOK may be up for sale next year. Due to the impact of online e-commerce, this women's clothing retailer is planning to close many stores. The company's financial report shows a loss of 21.7 million last year, and a projected loss of 88 million in 2023. Currently, the British retail industry is experiencing a wave of closures. Data shows that due to rising fixed costs and decreasing foot traffic, it is estimated that 17,349 stores will close in the UK this year, potentially resulting in around 202,000 job losses.
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