Fashion chain New Look is continuing to cut prices as it tries to turn around its business. New Look wants 80% of its clothes to sell for less than £20. The price cuts come amid falling sales. Like-for-like sales plunged by 11.7% in the financial year which ended in March, and website sales tumbled 19%. It is trying to broaden its appeal to include older customers, giving it an age target range of between 18 and 45. Results from New Look, which has hundreds of stores and has been a High Street presence since 1969, contrast sharply with online rival Boohoo, which also reported results. Sales of its three brands, Boohoo, PrettyLittleThing and Nasty Gal were 53% higher in the most recent quarter compared with the same quarter last year. Boohoo brands target customers aged between 18 and 28, with clothes priced at about £15. Under its turnaround plan, the company is cutting 1,000 jobs and closing 60 stores. The plan will cut the fashion chain's rents by between 15% to 55% across its remaining 393 stores.
