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In Brief: Takiing A New Look

Texas Pacific Group has joined forces with Warburg Pincus to bid for the British fashion retailer New Look, a Topshop competitor with lower price points.

TAKING A NEW LOOK: Texas Pacific Group has joined forces with Warburg Pincus to bid for the British fashion retailer New Look, a Topshop competitor with lower price points. A Texas Pacific spokesman confirmed Thursday the two private equity firms were working together, but declined further comment. Earlier this week, New Look launched a capsule collection by pop singer Lily Allen called Lily Loves London, and earlier this year it unveiled a collection by London designer Giles Deacon. The chain is currently owned by Apax and Permira, which took New Look private in 2004 and are now looking to exit. Other parties interested in New Look, which has a price tag of $4 billion, include Blackstone and CVC Capital Partners. On Thursday, an industry source said TPG believes New Look has a lot of potential for growth, but is not prepared to overpay or enter into a bidding war with competitors.