Primark confirms price rises will go ahead on autumn and winter clothes
Primark executive John Bason said the budget fashion brand would be making 'selective rises'
Primark executive John Bason said he “regrets” the fashion firm’s decision to raise prices.
In April, Primark warned that it will increase prices on its autumn and winter collection as costs go up for businesses around the world.
The budget fashion chain said it would make “selective” rises in the range.
Mr Bason, who is the finance director for Primark’s parent company AB Foods, told the BBC: “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, which also owns Twinings and is also a major sugar producer, said last month the US dollar strengthening and soaring inflation forced the changes.
At the time, 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.
“However, 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% to £635 million in the six months to the start of March, as revenue rose by a quarter to £7.9 billion.
This comes after a study revealed more than nine in 10 (93%) 11 to 18-year-olds are aware of the cost-of-living crisis, a survey has found.
Around three-fifths (61%) in this age group worry about their parents or guardians not having enough money for them to do what they want or have what they need, according to the research from Yorkshire Building Society.
More than three-quarters (77%) of the 1,000 11 to 18-year-olds surveyed across the UK said their parents or guardians have talked about the need to cut back to save money.
Within this group more than a quarter (27%) of households are cutting back on essentials such as groceries or fuel, according to the findings.
The majority (58%) of households where cutbacks are being made are reducing energy use where they can and a similar proportion (55%) are trying to reduce spending on takeaways or eating out.
The Society has launched a “money minds” online financial education platform for children and young people aged 11 to 18.