The owner of Primark says the company “is and always has been a high street retailer”, arguing that a pivot to online retail would destroy the business’s margin.
In an interview with the Financial Times, George Weston, chief executive of owner Associated British Foods, said the company had considered a tie-up with a business such as Zalando or Asos to sell through during the Covid-19 lockdowns, but had ruled it out.
“The only reason to do it would have been to clear stock to raise cash,” said Weston. “Once the stores started to reopen, we knew we would not have to do that.”
And his advice to those advising the company to change tack: “Get over it.”
Financial Times (£)
