John Lewis plans a significant expansion in its fashion business, aiming to double its size.
- Executive Director Peter Ruis identifies market consolidation as a critical growth opportunity.
- Ruis outlines a strategy to elevate premium assortments and capture a broader customer base.
- The reintroduction of the “Never Knowingly Undersold” pledge is seen as a driver for increased sales.
- A major refurbishment of the store estate is planned over the next decade.
John Lewis is embarking on a strategic initiative to expand its fashion segment substantially, with a target to double its current business size. Executive Director Peter Ruis highlighted that market consolidation presents a pivotal opportunity for this growth. Speaking at the Drapers Inner Circle Summit 2024, Ruis expressed confidence in the potential for aggressive expansion in the fashion sector.
Ruis stated his intent to ‘move our premium assortments upwards’, aiming to attract customers who previously might have purchased other products, such as washing machines. This strategy does not involve abandoning high street brands; instead, it seeks to complement them with offerings like Awake Mode. ‘You don’t grow unless you get out there and prove your relevance,’ Ruis remarked, emphasizing the importance of maintaining relevance in a dynamic market.
The reintroduction of the ‘Never Knowingly Undersold’ promise, now including price matches with e-commerce giants like Asos and Amazon, has reportedly boosted sales across tech, beauty, and fashion categories. Ruis pointed out that every brand has its unique allure, mentioning the signature elements that define renowned labels and the importance of staying true to the brand’s identity.
Furthermore, Ruis announced an extensive refurbishment plan for John Lewis stores, with significant investment slated for the Peter Jones store at London’s Sloane Square. This initiative aims to transform the location into a ‘world-class department store,’ enhancing its appeal to global visitors.
John Lewis is set on a transformative path to position itself as a leader in the fashion retail sector.
