New Look Chairman Mason Quits After £2bn Deal

Paul Mason, the retail veteran who chairs New Look, is to step down from his role at the fashion retailer following its £2bn takeover by a South African investment vehicle.

Sky News understands that Mr Mason, a former chief executive of Asda and the current chairman of Cath Kidston, the upmarket lifestyle brand, will leave New Look in the coming days.

His departure will follow the takeover of the UK's second-biggest womenswear retailer by Brait, which is owned by Christo Wiese, a billionaire businessman.

The sale of New Look, confirmed last week after Sky News revealed details of the deal, saw Apax and Permira exiting the business after more than a decade as shareholders.

Brait is understood to have asked Mr Mason to stay on after the deal, but he is said by friends to be keen to pursue further hands-on chairmanship roles.

Mr Wiese's takeover of New Look followed a deal for Brait to buy Virgin Active, the health and fitness chain, in a deal valued at around £700m.

New Look operates more than 800 stores in 21 countries around the world, and is the UK's second-biggest women's value clothing and accessories retailer, according to Kantar Worldpanel, a research firm.

In 2010, Apax and Permira were forced to abort a flotation amid challenging markets.

During the intervening period, New Look's debt position had rendered a listing not viable.

Its founder, Tom Singh, also remains a shareholder and is expected to retain his interest once the Brait takeover completes.

According to third-quarter financial results released in February, New Look saw like-for-like sales in the UK decline by 1%, a dip that it attributed to unseasonably warm weather.

The company is continuing to expand internationally, as well as attempting to grow its menswear business.

It now has nearly 20 shops in China, although it retreated from Russia and Ukraine because of continuing instability in the two countries.

Mr Mason was unavailable for comment.