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CFO leaves New Look in pursuit of portfolio career

THE CFO of New Look, who led the a vital refinancing of the business earlier this year, is set to leave the company to concentrate on building a portfolio of non-executive roles, the fashion retailer announced.

Alastair Miller is stepping down as chief financial officer after 13 years with the business, having played a leading role in restructuring New Look’s debt.

“Alastair has been an invaluable member of the executive team. He was the architect of our recent re-financing and bond issue and leaves the business in great shape and with a very bright future,” said Anders Kristiansen, chief executive officer of New Look.

News of Miller’s departure came as the company announced that it had swung back into profits, posting a pre-tax profit of £13.8m for the first six months to 28 September compared with a loss of £13.6m in the same period last year.

Group revenue increased 6% to £753.2m, driven by a 78.8% jump in online sales.

Kristiansen said there is “huge” opportunity for New Look to expand internationally, and that the company is on track to open its first Chinese store by spring 2014. He also poured water on rumours that the retailer is gearing up to float on the stock exchange, and said he couldn’t see the business going through an IPO within the next 12 months.

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