July 5, 2022

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Parent company Primark regrets the price increase |  Currently

Parent company Primark regrets the price increase | Currently

Parent company AB Foods’ chief financial officer says Tuesday that the fact that Primark has increased the prices of its cheap clothing may mean people with a small wallet are no longer coming to the budget store as often. BBC News† He says he regrets the decision.

Primark announced a month ago that there are a number of products in stores More expensive May become. The company did not say what products were involved or the size of the increase. But with costs soaring due to lockdowns and the war in Ukraine, clothing retailers felt compelled to raise prices.

But John Basson, chief financial officer of Primark’s parent company, said on Tuesday he would have preferred it differently. “I’m sorry we raised some prices, but it’s a reflection of the inflation we’re seeing right now.” Life has become noticeably more expensive worldwide in recent months. In May we paid in Holland 10.2 percent more To earn our living than it was a year ago.

Bason’s main concern is that consumers will be less likely to purchase clothing from Primark. “People who spend a little more anyway will keep coming. But people who have a lower budget are likely to spend less with us,” he tells BBC† He stresses that the price hike will not have a significant impact for the time being.

Primark also announced in March that it wanted to lay off 240 Dutch employees due to the international cutback. But two weeks ago, the company made this decision Back† After talks with unions, the company decided not to fire anyone and cut costs in other ways.

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