The company is working with Prospero, a business innovation consultancy owned by design agency 20/20, on the strategy for a potential launch into menswear that could take place as early as next year.
The development comes as retail consultancy Verdict predicts a sharp slowdown in growth in the UK womenswear market this year.
It suggested that growth in the womenswear market would slump in 2003 to 3.2% from 6.8% the year before.
While details of New Look's venture are sketchy at this stage, the likelihood is it would replicate its approach to womenswear, which combines basic fashion-conscious principles with a price-led retailing strategy, in the men's clothing market.
However, it is not yet clear whether this would entail the launch of stand-alone stores or including menswear within New Look's existing 500 UK stores.
Carl McPhail, development director at New Look, is leading the project alongside managing director Phil Wrigley and Richard Mott, Prospero founder and chief executive.
According to a statement issued by the company, the next phase of the strategy will be to "develop the proposition in more detail and redefine the traditional approach to men and their clothes shopping".
Earlier this year, New Look unveiled a more modern logo, created by design agency Tandem, that will be rolled out across its stores, packaging, bags, trucks and web site during the course of the year. It also hired Michaelides & Bednash to work on a strategic repositioning of the brand (Marketing, February 20).
New Look's diversification strategy follows the company's reporting of difficult trading conditions earlier this month, when it said that underlying sales had risen by just 1.5% in the ten weeks to March 22. The company said the slowdown in growth was partly a result of the uncertainty triggered by the war in Iraq and the general economic climate.
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