New Look to open 500 stores in China

British fast fashion chain New Look is expected to open 500 stores in China over the next three years. According to reports from Reuters, the company, bought last year by retail entrepreneur Brait Christoffel Wiese, aims to increase its presence in Asia where it currently operates 94 stores.

New Look produces 85 percent of what it sells in the Chinese market in China, with about a third designed specifically for the country. The company appears to have an advantage over its low-cost competitors because of geographical proximity of its production also because it can tailor product to local tastes.

New Look's competitors include Japanese fast fashion brand Uniqlo, which currently operates about 500 stores in China, but plans to open 1,000 over the next five years. H & M, owns about 400 stores and Inditex just under 600.

China remains a buoyant market for fast fashion brands, even if the demand for luxury has seen a slowdown.

Photo credit:New Look homepage China