Retail veteran to chair New Look as it prepares IPO

John Gildersleeve will replace Phil Wrigley at the fashion retailer in January

The fashion retailer New Look further paved the way for its flotation next year by appointing John Gildersleeve as its new chairman.

Mr Gildersleeve, who is currently non-executive chairman at the mobile phone retailer Carphone Warehouse, will join the 1,000-store plus retailer in January. Phil Wrigley, the highly regarded current chairman, will step down at the end of the year after nine years at New Look.

Mr Gildersleeve's appointment comes a day after it emerged that New Look had appointed investment banks – JPMorgan, Deutsche Bank and Credit Suisse – to deliver one of the most high-profile and lucrative IPOs of 2010.

Carl McPhail, the New Look chief executive, said: "John has extensive experience as a board director of international businesses, and we are very excited that he is joining our team. This announcement marks part of a planned transition in the next phase of New Look's development."

He thanked Mr Wrigley for his "significant and valued contribution" at New Look over nearly 10 years, during which time the retailer was taken private in 2004 by private equity firms Permira and Apax in a £699m deal. Mr Wrigley joined the fashion retailer in 2000, became chief executive in 2004 and then chairman in April 2008.

New Look, which has 626 stores in the UK and Republic of Ireland, has cemented its place as one of the most-powerful young fashion retailers during the recession. In the year to 29 March, its earnings before interest, tax, depreciation and amortisation rose by 10.2 per cent to £217.6m, on group sales up 14.9 per cent to £1.3bn.

New Look, which has shops in 30 countries including Singapore, Russia and France, as well as the the Middle East, was recently reported to have laid out plans for a further 670 stores globally.

Mr Gildersleeve, who is also a non-executive director of the property giant British Land, made his name at Tesco. He joined the grocery giant in 1965, was appointed to the board in 1984 and was commercial and trading director until February 2004. Yesterday, he said: "I am excited to be joining New Look, a vibrant and leading fashion retailer with a great brand and an impressive track record. The company has exciting growth potential, both in the UK and abroad, and I look forward to working closely with Carl and his team to help achieve this."

Mr Gildersleeve will remain as a non-executive director at Carphone Warehouse after the retailer splits into two in March. Charles Dunstone, the chief executive of Carphone, will become chairman of the two businesses: Talk Talk, its broadband arm, and Carphone Warehouse, which will take 50 per cent of the revenues from its retail joint venture with Best Buy Europe.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Claims Administrator

£16000 - £18000 per annum: Recruitment Genius: A position has arisen within th...

Ashdown Group: Development Manager - Rickmansworth - £55k +15% bonus

£50000 - £63000 per annum + excellent benefits : Ashdown Group: IT Manager / D...

Recruitment Genius: Security Officer

£16500 per annum: Recruitment Genius: Applicants must hold a valid SIA Door Su...

Ashdown Group: Business Analyst - City, London

£50000 per annum: Ashdown Group: Business Analyst - Financial Services - The C...

Day In a Page

The saffron censorship that governs India: Why national pride and religious sentiment trump freedom of expression

The saffron censorship that governs India

Zareer Masani reveals why national pride and religious sentiment trump freedom of expression
Prince Charles' 'black spider' letters to be published 'within weeks'

Prince Charles' 'black spider' letters to be published 'within weeks'

Supreme Court rules Dominic Grieve's ministerial veto was invalid
Distressed Zayn Malik fans are cutting themselves - how did fandom get so dark?

How did fandom get so dark?

Grief over Zayn Malik's exit from One Direction seemed amusing until stories of mass 'cutting' emerged. Experts tell Gillian Orr the distress is real, and the girls need support
The galaxy collisions that shed light on unseen parallel Universe

The cosmic collisions that have shed light on unseen parallel Universe

Dark matter study gives scientists insight into mystery of space
The Swedes are adding a gender-neutral pronoun to their dictionary

Swedes introduce gender-neutral pronoun

Why, asks Simon Usborne, must English still struggle awkwardly with the likes of 's/he' and 'they'?
Disney's mega money-making formula: 'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan

Disney's mega money-making formula

'Human' remakes of cartoon classics are part of a lucrative, long-term creative plan
Lobster has gone mainstream with supermarket bargains for £10 or less - but is it any good?

Lobster has gone mainstream

Anthea Gerrie, raised on meaty specimens from the waters around Maine, reveals how to cook up an affordable feast
Easter 2015: 14 best decorations

14 best Easter decorations

Get into the Easter spirit with our pick of accessories, ornaments and tableware
Paul Scholes column: Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season

Paul Scholes column

Gareth Bale would be a perfect fit at Manchester United and could turn them into serious title contenders next season
Inside the Kansas greenhouses where Monsanto is 'playing God' with the future of the planet

The future of GM

The greenhouses where Monsanto 'plays God' with the future of the planet
Britain's mild winters could be numbered: why global warming is leaving UK chillier

Britain's mild winters could be numbered

Gulf Stream is slowing down faster than ever, scientists say
Government gives £250,000 to Independent appeal

Government gives £250,000 to Independent appeal

Donation brings total raised by Homeless Veterans campaign to at least £1.25m
Oh dear, the most borrowed book at Bank of England library doesn't inspire confidence

The most borrowed book at Bank of England library? Oh dear

The book's fifth edition is used for Edexcel exams
Cowslips vs honeysuckle: The hunt for the UK’s favourite wildflower

Cowslips vs honeysuckle

It's the hunt for UK’s favourite wildflower
Child abuse scandal: Did a botched blackmail attempt by South African intelligence help Cyril Smith escape justice?

Did a botched blackmail attempt help Cyril Smith escape justice?

A fresh twist reveals the Liberal MP was targeted by the notorious South African intelligence agency Boss