UK value fashion retailer New Look has completed the sale of its struggling French retail chain Mim to Main Asia (HK) Ltd, an independent company advised by sourcing giant Asia Global.

Main Asia said it seeks to continue Mim's existing strategy, with the aim to improve the profitability and the performance of the company, and does not foresee any substantial modification of the current company organisation.

The main shareholders and the management of Main Asia, which was established specifically to acquire the Mim businesses in France, are active in apparel and textile manufacturing and trading as well as high end brand management.

Terms of the transaction were not disclosed.

The completion comes two months after New Look, which operates 274 wholly-owned Mim stores in France, first announced the deal. Two months prior, the retailer said it was exploring strategic options for Mim, including a sale.

Click here for further insight on New Look's long-term growth strategy: IN THE MONEY: New Look to continue to build global brand.