Clothing retailer New Look has sold its struggling French fashion business, Mim, to an independent Hong Kong-based company called Main Asia.
The newly established firm bought the retail chain for an undisclosed sum, but New Look said it expects to recover “at least” the net assets of Mim it currently owns.
Main Asia will now acquire 365 Mim stores in addition to concessions in France, Morocco and Romania.
Chief executive Anders Kristiansen said: “Our focus is now squarely on the core New Look brand, expanding its presence in the UK, internationally and online.”
The sale, advised by Asia Global is expected to be completed by the end of the year.
In July New Look awarded a digital brief to Wednesday, a creative agency within the Saturday Group portfolio, following a competitive pitch.