Mass-market fashion retailer New Look has announced that it will “supercharge digital growth” on the back of a £30 million investment from its shareholders.
The money will be spent on its data, AI and e-commerce platforms “to enhance [the] seamless, personalised shopping experience for its 10 million customers” and it aims to double digital orders from £500 million to £1 billion by 2030, targeting a 10% online market share by FY28
The company, which is already one of the UK’s biggest names in UK womenswear for the 18-44 age range, said the “opportunity is clear. The UK has an online womenswear market of £4.3 billion. New Look already has market-leading positions in several key categories1: #1 in dresses, #1 in outerwear, #1 in footwear and #1 in denim, and over 10 million engaged customers”.
It’s understandable that the business wants to leverage this into a much bigger digital business, although it must be said that it hasn’t exactly neglected the online market thus far.
Over the past five years it has invested “significantly” to elevate its digital capabilities, upgrading its website and app, building a social media community of 7 million followers, and creating a proprietary Enterprise Data Platform with a leading tech stack.
Using data and AI it said it will be able to provide its customers with “hyper-personalised marketing and a tailored shopping experience, leading to higher satisfaction and lower return rates”.
So there’s obviously more to do and the new investment should take it to the next stage. The funding will be strategically deployed across four key growth areas.
The first is data-driven innovation – enhancing insights, decision-making, and customer personalisation; expanding the proprietary Enterprise Data Platform to deliver even more hyper-personalised shopping experiences; and leveraging real-time analytics to improve supply chain speed and efficiency, and anticipate customer trends.
Next is technology investments such as optimising the app and online shopping journey; improving search and product discovery to make it easier for customers to find what they want; and streamlining the checkout experience, improving the customer journey and driving sales growth.
The third growth area is loyalty and engagement – “cementing New Look’s market dominance and fashion authority”. It aims to achieve this by leveraging its “strong brand and sustainability credentials, using AI-driven insights to refine product development” to create collections that are “trend-led, great value and [with] high-quality design”. It also aims to consistently deliver in its best-selling categories to reinforce its market-leading position; and introduce new digital initiatives for its loyalty programme, Club New Look, to offer members exclusive rewards, products and promotions to enhance engagement and loyalty.
The final growth area is ‘customer migration’, streamlining and elevating the customer journey. It also includes optimising the store network to underpin digital initiatives in selected retail locations, strengthening in-store digital engagement; and drawing on learnings from recent upgrades to flagship stores in Manchester and Bluewater “where digital enhancements have delivered double digit like-for-like sales growth”.
CEO Helen Connolly said: “Our goal is to be the number one online destination for feel-good fashion, powered by our loyal customer base and proven digital model. This new capital injection means we can ramp up our digital operations, enhance customer service, and drive growth and achieve our goal of £1bn online demand by 2030.”
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