John Lewis executive, Peter Ruis, sets an ambitious goal to double the company’s fashion revenue, leveraging market changes.
- With only two department stores left on Oxford Street, Ruis sees an opportunity to enhance John Lewis’s market presence.
- A strategic move toward premium fashion assortments aims to convert traditional customers to fashion buyers.
- Price matching with ecommerce giants like Asos and Amazon marks a revival of the iconic ‘Never Knowingly Undersold’ pledge.
- Significant investments in store refurbishments, particularly at the London Sloane Square location, underscore growth ambitions.
Peter Ruis, the executive director of John Lewis, has outlined bold plans to significantly enhance the company’s fashion division. In a speech at the Drapers Inner Circle Summit 2024, Ruis expressed confidence in doubling John Lewis’s fashion business. He emphasized the importance of market changes, noting that, while there were once five department stores on Oxford Street, only two remain. This market shift presents John Lewis with a unique opportunity to increase relevance and grow aggressively in the fashion sector.
Ruis intends to elevate John Lewis’s offerings by moving premium assortments upwards, which he believes will appeal to existing customers who previously prioritized other product categories. He asserts this strategy will not distance the company from high street brands, but rather enhance the brand’s versatility, with brands like Mango alongside high-end offerings such as Awake Mode.
In an effort to stay competitive amidst online retail giants, John Lewis has reinstated its ‘Never Knowingly Undersold’ pledge, extending it to price matching with ecommerce platforms including Asos and Amazon. Ruis highlighted this step as essential for maintaining brand integrity and magic, stating each brand needs its ‘magic dust’—akin to iconic elements like Burberry’s check. Initial results from this pricing strategy are promising, with notable increases in sales across tech, beauty, and fashion.
Looking to the future, Ruis has announced substantial plans to refurbish the John Lewis store estate over the coming decade. A hallmark of this transformation will be the significant investment in the Peter Jones store on London’s Sloane Square. Ruis aims to develop this location into a world-class department store, enhancing its appeal to an international audience.
John Lewis is decisively positioning itself to capture fashion market growth through strategic leadership and innovation.
