Private equity-backed fashion retailer New Look said it will not list on a stock exchange in the “foreseeable future.”
“We don’t have any imminent plans. We believe very much (that we need to) deliver a solid business and doing just that takes time. We want to demonstrate that we have got an international business and we want to get started in China, in Russia, take over our Polish business and get into Germany with our own website,” said New Look CEO Anders Kristiansen, according to Reuters.
He added that “we need a much more solid business, that we can believe can deliver quarter after quarter.”
New Look is backed by Permira and Apax Partners, which made an £800m investment in the company in 2004. New Look’s anticipated IPO was temporarily shelved in February 2010 due to volatility in equity markets
In its Christmas trading update, the company said it “was optimistic about the year ahead but remain watchful of the pace of recovery in the UK economy and the continued pressures facing our customers.”
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