Primark Cuts Prices by Up to 29% on Hundreds of Items as Shein and Temu Pressure Grows
Updated
Updated · bbc.co.uk · Jul 26
Primark Cuts Prices by Up to 29% on Hundreds of Items as Shein and Temu Pressure Grows
2 articles · Updated · bbc.co.uk · Jul 26
Summary
Hundreds of Primark products, including jeans, jumpers and socks, will get permanent price cuts of as much as 29% as the retailer tries to win back value-focused shoppers.
Shein and Temu have reset price expectations, analysts said, while Primark has also been hit by falling like-for-like sales and a tougher consumer backdrop for clothing spending.
Primark, which has more than 190 UK stores, says about 85% of its range is already priced at £10 or less and is also working on product quality, fit and style.
The cuts come ahead of parent Associated British Foods' plan to spin off Primark on the London stock market next year, raising pressure to revive growth in a crowded fast-fashion market.