U.K. high street fashion group New Look has said au revoir to its sluggish French business Mim.
New Look announced Friday that it has agreed to sell the women’s ready-to-wear chain to Main Asia, a firm advised by Hong Kong-based consumer products giant Asia Global, for an undisclosed sum. The share sale and purchase agreement will be finalized by the end of this year.
Main Asia will take over all company-owned 274 Mim stores in France and Belgium, as well as 86 concessions in France, Morocco and Romania. Main Asia stated it would not make any “substantial modification” to Mim’s current organization.
In June, New Look was forced to take an $83 million write-down on the value of the Mim’s assets. With the strategic sale of Mim, New Look chief executive Anders Kristiansen, said, “Our focus is now squarely on the core New Look brand, expanding its presence in the U.K., internationally and online.”