New Look is understood to have leapfrogged Next in the most recent clothing value market share rankings.
The move places the fast-fashion retailer one spot behind market leader Marks & Spencer, according to the most recent publicly available figures from Kantar, formerly TNS Worldpanel Fashion.
New Look has driven its fashion credentials over the past 18 months in a bid to meet its ambitions to become a key global fashion player and ahead of plans for an IPO
this spring, which were shelved in February due to unfavourable market conditions.
New Look, which targets a core market of 16 to 45-year-old women as well as offering menswear and kidswear, has expanded its ranges, unveiled a new store environment and relocated its head office to London from Weymouth, Dorset.
In 2009, some 68% of New Look’s own-brand offer was designed in-house, allowing the retailer to be quicker to market with on-trend product. The retailer continued collaborations with designers such as Giles Deacon and unveiled a celebrity endorsement with Girls Aloud pop star Kimberley Walsh.
New Look, which is understood to be meeting with City analysts and potential investors following the postponement of its IPO, said in February that it was the second largest retailer by value of women’s clothing and accessories in the 24 weeks to December 6, with a 5.3% share, according to Kantar figures.
Chief executive Carl McPhail declined to comment on the most recent figures but said New Look had grown its market share over the past 24 months by 1.2%. “We are delighted by the support and reaction we are getting from existing and new customers,” he said.
The retailer, which has more than 1,000 stores globally including 600 in the UK, recorded adjusted EBITDA of £217.6m in the year to March 28.