The boss of retailer New Look believes the conditions are right for it to become the world's favourite value fashion chain.

The company wants to capitalise on the relative power of the euro and the sophistication of modern-day communication.

New Look executive chairman Phil Wrigley told delegates at the Retail Week Conference in London today (18 March): "There is a benefit in the euro-zone given the stregnth of the Euro relative to sterling, and 15% of our EBITDA comes from overseas.

"We are in a global society and the mission of New Look is to become to globe's favourite fashion value retailer."

Wrigley went on to explain the merits of new media like micro-blogging site Twitter.

He added: "We're absolutely focused on extending overseas, it's got all the attributes of a portfolio theory for the economist because you spread the risk across it, and it recognises what is happening today. Communication is global and if somebody sneezes in Mumbai they know about it in Monmouth, or they could if they wish to, and probably on Twitter they do."

Since 2006 the New Look brand has continued to expand overseas and now operates 24 stores across France and Belgium, and through 19 franchise stores in the Middle East (Dubai, Kuwait, Saudi Arabia and Bahrain), and from early 2009 in Russia.

The company also trades in France and Belgium through Mim, a sister company owned since 2003, which now has 291 stores.

In comparison, popular budget fashion store Primark has a total of 187 stores in Ireland, Spain and the UK.

Earlier Wrigley had explained that the weak value of sterling had made sourcing from abroad a more costly proposition for New Look.

He said: "A lot of product that we all source is often priced in dollars, but sterling has collapsed and so things are 25% more expensive to source than they were.

"In some ways that dwarfs the smaller percentages of consumer decline and other pressures, so there's a quantum leap to be managed in that respect and there is not enough wiggle room on cost management and productivity to oversee that challenge."

By Joe Ayling, news editor.