New Look has declined to comment on the report

New Look has declined to comment on the report

UK value fashion retailer New Look has refused to be drawn on a report it is in talks with Asia Global over the sale of its struggling French chain Mim.

According to a Sky News report, New Look has entered into exclusive discussions with the Far Eastern conglomerate, but negotiations are in the early stages, and it is not certain a transaction will go ahead.

When contacted by just-style on Friday (11 July), however, a spokesperson for New Look declined to comment.

New Look first revealed it was exploring strategic options for its French chain Mim last month. It came as the retailer swung to an annual pre-tax loss of GBP55m (US$92.2m), which included a non-cash impairment charge of GBP64.2m to write down the value of Mim's net assets.

The company said although Mim posted an EBITDA loss during the 52 weeks to 29 March, the division saw "positive results" in the first two months of the new year.