SerpApi.Org
Primark has slashed prices on hundreds of its fashion lines in a bid to boost sales as it struggles with subdued demand and competition from online retailers.
The budget fashion chain said that affordable prices matter ‘more than ever’ as it announced price cuts including on kids' clothes and winter staples.
Lower prices for its autumn/winter ranges have been introduced across Primark’s 19 markets, including in Europe where its shops have suffered from slow consumer demand this year.
Products within the new ‘Iconic Value’ campaign include a £22 women’s single-breasted coat, which is cheaper than its £26 equivalent sold last year, the brand said. And it said it is selling childrenswear including tops for £2.
The business has been facing hot competition from Chinese online fashion giants Shein and Temu. Primark has urged the Government to tackle a tax loophole which benefits these firms earlier than 2028.
Earlier this month, Primark said sales rose 3 per cent to £2.9billion over the 16 weeks to 20 June, as UK consumers continued to flock to its shops to buy its clothes and accessories.
And it said shops in the US are performing well, including its first store in Manhattan, New York - the opening of which was attended by stars including Sex and the City star Sarah Jessica Parker in May.
But George Weston, the chief executive of the chain’s owner Associated British Foods (ABF), said the ‘retail environment remained challenging in most markets.'
Primark chief customer officer Matt Houston said: ‘Value matters to customers today more than ever and for more than fifty years customers have trusted us as the destination on the high street for great value fashion at prices you can’t find anywhere else.
‘We want to continue to lead the way in shaping what affordable fashion looks like and give our customers the confidence that they can always trust Primark for the very best prices but without compromising on style or on quality’.
ABF plans to separate the fashion chain from its food businesses by the end of 2027.
It has said the separation of Primark, which trades from 486 stores in 19 markets and generates more than half of ABF profits, will allow it to be valued higher as a stand-alone company than it would be as part of a group.
Should Primark list in London, it would also boost the beleaguered stock market as its size means it is set to sail straight into the FTSE-100.
