John Lewis is set to significantly expand its fashion sector as part of a bold strategy for growth.
- Executive director Peter Ruis has announced plans to double the fashion business at John Lewis, viewing market consolidation as a lucrative opportunity.
- Ruis highlights a transition towards high-end offerings, aiming to entice customers previously interested in other retail sectors.
- The reintroduction of the ‘Never Knowingly Undersold’ pledge aligns with eCommerce platforms, enhancing the brand’s competitive edge.
- Notable store refurbishments, including the iconic Peter Jones store, are on the horizon to attract a global customer base.
John Lewis is poised to transform its fashion business with ambitions to double its current market share. Executive director Peter Ruis, speaking at the Drapers Inner Circle Summit 2024, identified market consolidation as a prime opportunity for expansion. He remarked on the reduction in department stores on Oxford Street as a signal for John Lewis to affirm its relevance and drive aggressive growth.
Ruis intends to shift the company’s focus upwards in terms of fashion quality and offerings. By moving towards more premium assortments, John Lewis seeks to convert customers who traditionally purchased other household items into fashion buyers. This strategy will still include popular high street brands, along with a move towards more niche fashion labels like Awake Mode.
A significant aspect of this strategy is the reintroduction of John Lewis’s ‘Never Knowingly Undersold’ policy. This policy now extends to price matching with major eCommerce entities like Asos and Amazon, reflecting Ruis’s commitment to keeping the brand’s historic promises while adapting to modern retail dynamics. Ruis sees this as part of the ‘magic dust’ that maintains the brand’s integrity and customer loyalty, similar to iconic elements in other established brands.
Additionally, John Lewis plans extensive refurbishments across its establishments, including a major investment in the Peter Jones store located in London’s Sloane Square. Ruis hopes to turn this iconic venue into a world-class department store that draws visitors from around the globe, further cementing John Lewis’s status in the retail sector.
John Lewis’s strategic focus on fashion and enhancement of its unique selling propositions illustrates a bold commitment to remain competitive and innovative.
