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Key Points
- South Africa’s Brait SE is seeking buyers for UK-based fashion chain New Look to repay debt and simplify its portfolio.
- CEO Peter Hayward-Butt says Brait will offer New Look’s e-commerce platform and selected profitable stores to potential acquirers.
- Backed by billionaire Christo Wiese, Brait posted R1.02 billion ($53.94 million) profit and is eyeing a Virgin Active IPO within 18 months.
Brait SE, the South African investment firm backed by billionaire Christo Wiese, is looking to offload its UK retail chain, New Look, within the next year. The move is part of a broader effort to simplify its portfolio, repay debt, and return capital to shareholders.
Brait prepares sale of New Look
Chief Executive Officer Peter Hayward-Butt confirmed that Brait has started engaging with potential buyers. New Look, which operates around 400 stores across the UK, is narrowing its focus to a stronger online presence while gradually scaling down its physical footprint.
“The digital platform, along with a selection of profitable stores, is the package we’d like to sell,” Hayward-Butt said, offering the clearest picture yet of what’s on the table. Brait has been paring down its holdings since late 2019, when it first signaled plans to exit non-core assets like New Look and Virgin Active.
The sale of New Look has taken longer than expected. In recent years, the fashion chain entered a UK court process designed to help struggling companies restructure debt and lower costs. That helped stabilize the business and made it more attractive to prospective buyers. Hayward-Butt noted that the most likely suitor would be either an established UK fashion brand looking to boost efficiencies or a new player keen on entering the market.
Wiese-backed Brait sharpens investment focus
Founded in 1976, Brait has long focused on delivering value through a hands-on investment approach. Its portfolio includes stakes in Premier Group, Virgin Active, and Consol. Wiese, who owns a 28.5 percent share, remains a central figure in Brait’s strategy to strengthen returns.
That strategy showed signs of paying off. In the first half of 2025, Brait posted a net profit of R1.02 billion ($53.94 million), more than double the figure from a year earlier. Last November, Brait sold a portion of its stake in Premier Group, trimming its interest to 19.4 percent. The sale was part of a broader plan to streamline its investments and free up cash for other uses.
Earlier this year, Brait also completed a bond buyback worth $5.3 million, further shoring up its balance sheet. With its financial footing improved, the company is now better positioned to weather economic headwinds and focus on long-term growth. Looking ahead, Brait plans to take Virgin Active public within the next 18 months.
