Next in line: Are prices on the NEXT website going to go up?

The chain of fashion and housewares stores, which operates an online and popular e-commerce site in Israel, has announced that it will update prices.

The good news: It will probably not happen before spring.

Network CEO: "It's hard for me to see how we will function in an inflation environment"

Walla!

Of money

09/01/2022

Sunday, 09 January 2022, 09:07 Updated: 09:14

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Its British NEXT network has dozens of branches throughout the United Kingdom as well as an online sales site that deals with the sale and delivery of clothing to dozens of countries around the world (and is also considered popular among Israelis), summarizing its Christmas sales figures.

The data show that the chain earned more than expected - and far beyond its estimates from two years ago, on the eve of the outbreak of the corona in Western Europe.

According to the report, the chain earned about 10% more than it estimated in its forecasts two years ago.

Despite the chain's handsome profits - which will allow it to distribute more than 800 million pounds (close to 4 billion shekels), the chain announced that it intends to raise its products, in two main stages: the first, according to CEO Simon Wolfson, in May, with the launch The company's spring-summer line - at a level of about 4%, the second, around September 2022, in the fall collection that will be sold, probably at prices 6% higher than today.

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From Next's collection towards the end of the civil year.

Chance that we will pay more in the spring (Photo: PR)

Wage and inflation updates

According to Wolfson, this is an increase that stems from the increase in production and transportation costs, but also from the withdrawal from the symptom of young people who are in no hurry to return to work, especially at lower wage levels, and must be rewarded more generously to be persuaded to work.

Wages at NEXT are expected to rise by more than 5%.

Despite the possibility of rising prices, it seems that the most disturbing quote in an interview Wolfson gave to the Guardian in the UK is actually about inflation.

Next CEO noted that he has not remembered such inflation for 30 years and admitted that he does not know how the company will function in an inflationary environment.

In other words, even the planned price increase does not take into account inflationary spin Production, transportation and wages.

• Of money

• consumption

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• Price increase

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