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New Look targets rapid expansion into China

New Look has revealed ambitious plans to open 20 stores in China within the next two years.

The value retailer has appointed a Chinese management team and is developing plans to open its first store in the country next March.

The chain aims to open 20 stores in China in the year from March 2014 to March 2015.

Chairman Alistair McGeorge said: “Over the years we should be able to have hundreds of stores there but we’ll take it step by step.”

Russia is also top of the list in terms of international expansion.

New Look this morning announced group sales had risen 2.5% to £1.48bn in the 53 weeks to March 30 as EBITDA rose 29% to £189.2m and operating profit grew 84.2% to £115.5m.

Chief executive Anders Kristiansen said the business was now in the position to explore development opportunities of new markets in Eastern Europe and south-east Asia, highlighting Russia and China as the prime locations.

He added: “As our future expansion strategy is for depth rather than breadth, we aim to concentrate on markets where we can develop a significant presence.”

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