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New Look chairman to step down after £2bn takeover

New Look chairman Paul Mason is to step down following the retailer’s £2bn takeover by South African investment vehicle Brait.

The retail veteran, a former chief executive of Asda and the current chairman of Cath Kidston, will leave New Look in the coming days according to Sky News.

His departure follows the takeover of New Look by billionaire businessman Christo Wiese’s Brait, which was announced on May 15.

The sale of New Look, in a deal which valued the company at £1.9bn, saw private equity investors Apax and Permira exit the business after more than a decade as shareholders.

New Look operates more than 800 stores in 21 countries around the world, and is the UK’s second-biggest women’s value clothing and accessories retailer, according to Kantar Worldpanel.

@jillgeoghegan

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