John Lewis’s ‘Never Knowingly Undersold’ principle has been reinstated, delighting many in the fashion and footwear sectors.
- The pledge, which had been discontinued in 2022, is now revamped to include major online retailers like Asos and Amazon.
- 65% of participants in a LinkedIn poll expressed approval of the price pledge’s return.
- Executives from renowned brands such as French Connection and Dune London expressed positivity towards the reinstatement.
- John Lewis aims to align with consumer expectations by reintroducing this iconic pricing commitment.
John Lewis has brought back its celebrated pricing policy, ‘Never Knowingly Undersold,’ much to the satisfaction of various executives in the fashion and footwear industries. This decision, announced on 9th September, marks a significant move by the retail giant to match prices across thousands of products with 25 competing retailers, among them Marks & Spencer, Next, and Amazon.
Having been retired in 2022, the pledge has now been updated to reflect the modern retail landscape, notably including online platforms such as Asos and Amazon. This shift is a response to the evolving market dynamics and the need to stay competitive against both physical and digital outlets. Simon Donoghue from French Connection remarked on the importance of the pledge as part of John Lewis’s brand identity, describing it as a ‘trusted institution.’
The relaunch of the pledge also comes amidst positive feedback from the public. In a survey conducted by Drapers, 65% of LinkedIn users indicated they were pleased with the return of the pricing policy. This highlights a widespread approval among consumers who value the commitment to competitive pricing from John Lewis.
Daniel Rubin of Dune London welcomed the update, noting that the pledge had always been a significant statement consistent with John Lewis’s reputed service. The adaptation to include online competitors addresses past challenges in maintaining relevance in a digitally-driven market.
Peter Ruis, the executive director at John Lewis, defended the earlier decision to pause the policy, stating it was ‘not fit for purpose’ in its past form. Ruis emphasised that the retail landscape has drastically changed, necessitating an update to this longstanding commitment.
Richard Utting of Loake Shoemakers expressed that this reinstatement is a return to John Lewis’s core values, which had seemed somewhat compromised in recent years due to online competition. The company’s decision is seen as a strategic alignment with customer expectations and a reinforcement of its market position.
As the John Lewis Partnership prepares to release its financial results, the market is keenly observing the impact of this strategic decision. The partnership’s recent financial figures show a promising recovery from previous losses, indicating a potential positive outlook for the future.
The return of John Lewis’s pricing pledge indicates a strategic alignment with consumer expectations and market competitiveness.
