John Lewis executive director Peter Ruis plans to double the department store’s fashion business, citing market consolidation as a key opportunity for growth.
Ruis told Drapers Inner Circle Summit 2024: “I think we can double our fashion business. I always say to the team, 10 to 12 years ago, there were five department stores on Oxford Street and there are now two.
“You don’t grow unless you get out there and prove your relevance. We are growing and we expect to grow more aggressively [going forward].”
Ruis said it planned to “move our premium assortments upwards”, which he said would “convert more of our customers, who might have been buying washing machines before, into fashion”.
“It doesn’t mean we are walking away from high street [brands]. The beauty of John Lewis is selling brands such as Mango and moving to Awake Mode,” he added.
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Ruis, who returned to John Lewis in January 2024 after previous stints at Anthropologie and Jigsaw, also explained the rationale behind the recent reintroduction of the “Never Knowingly Undersold” pledge, which now extends to price matching with ecommerce platforms such as Asos and Amazon.
“Every brand has its magic dust,” Ruis said. “Burberry is nothing without its check and John Lewis is nothing without Never Knowingly Undersold. It’s about staying true to your brand.”
He said the move has already resulted in a significant uptick in sales, particularly in tech, beauty and fashion categories.
Ruis also plans a major refurbishment across the John Lewis store estate over the next decade and highlighted the upcoming investment in the Peter Jones store on London’s Sloane Square, which he aims to transform into “a world-class department store for people around the world to visit”.
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