There's one place shoppers can count on to get a budget wardrobe refresh for going on holiday, or to grab a new top for a special occasion. But it's bad news for many as Primark executive John Bason has announced the fashion firm will have to raise prices in the autumn this year.
Mr Bason says he “regrets” the fashion firm’s decision but that in April, Primark will be forced to increase prices on its autumn and winter collection as costs go up for businesses around the world. The fashion-chain known for it's affordable prices said it would make “selective” increases in the range.
Mr Bason, who is the finance director for Primark’s parent company AB Foods, spoke to the BBC saying: “I do regret that we have to put some prices up. It is a reflection of the scale of the inflation that we’re seeing.” AB Foods is also owner of Twinings and a major sugar producer, said last month the US dollar strengthening and soaring inflation forced the changes.
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Wales Online reports, Chief executive George Weston said: “Inflationary pressures are such that we are unable to offset them all with cost savings, and so Primark will implement selective price increases across some of the autumn/winter stock."
He continued: “We are committed to ensuring our price leadership and everyday affordability, especially in this environment of greater economic uncertainty.” AB Foods’ pre-tax profit rose 131 per cent to £635 million in the six months to the start of March, as revenue rose by a quarter to £7.9 billion.
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