The boss of fashion retailer Superdry has warned shoppers that they can expect higher prices and no sales in-stores due to the rising cost of inflation.
Julian Dunkerton told the PA news agency that the company will hike prices on "selected" products by around 2% due to rising costs, reports Hull Live.
The retailer has also confirmed that it is looking to offset the rising costs on products by reducing the number of items that they have on sale in-store and online.
The move by Superdry comes as multiple retailers across the country are grappling with the surging inflation rates, supply chain issues and the cost of raw materials.
“No stores will ever have a sale again… and discounting is limited to a shorter period online and very limited,” Mr Dunkerton said.
“So patently we are less affected because of that margin shift internally by the headwinds of inflation.
“But we’re talking about 2% price rises, far less than has been mooted in the press.
Mr Dunkerton said that the brand will remain "fantastic value" amidst the rising prices.
The boss of the British fashion retailer comes after it was reported that they had seen a rise in pre-tax profit of £4 million in the six months to late October, from a nearly £19 million loss a year earlier when shops were closed in lockdown.
Sales across the company did drop by 1.9%, which was reported to be due to the pandemic and a shortage of discounts.
“It’s very easy to push your sales up, that’s not difficult, it’s making money that’s the important thing,” he said.
However, Superdry's boss has confirmed that they seen a boost in sales over Christmas, with a 40% year-on-year increase.
“I can’t tell you how important this is for us.
“This is truly a reset with teenagers coming back into the stores and buying products,” Mr Dunkerton told PA.
The retailer has also been experiencing somewhat of a surge in popularity, as they are now said to be working 2,000 influencers across Instagram and TikTok, reports the BBC.
They reported a significant surge in interest after they launched on TikTok as Mr Dunkerton said it will help the company "see huge growth."
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