Many Israelis used to leave the country just for “Primark”, a huge clothing chain known for its cheap prices, now, less than a year after promising not to do so, the company announced that it would raise prices on winter clothes in about six months.
The Primark chain of stores is expected to raise prices for the fall and winter due to an increase in expenses that do not balance with revenues. This is a breach of the company’s promises less than a year after the company’s CFO said “We have not raised prices in the last 10 years, and we are not raising Primark prices now.”
Primark’s parent company, Associated British Foods, has announced that its food business will also raise prices due to rising inflation in the UK, partly following the war in Ukraine. “We have not seen such an increase in inflation in key markets for a long time,” the company said. The company’s CEO, George Weston, said Primark will gradually raise prices in the chain’s fall and winter collection, but clarified that they are “committed to maintaining prices that will allow everyone to purchase our clothes.”
Primark’s move comes after a successful period for the chain, with total sales in the last six months standing at £ 3.5 billion, having managed to keep all its stores open during the Corona period. Sold a lot of luggage, swimwear and sandals, as well as toiletries.However, Primark has not yet been able to return to pre-epidemic sales.