John Lewis launches Value range

John Lewis will launch a low-price "Value" range next week in a bid to counter the threat of customers defecting to cheaper rivals. The move marks the first time that the upmarket retailer - which is famous for its Never Knowingly Undersold slogan - has launched a low-cost product range. John Lewis Value will initially comprise 100 lines of homewares products, but will double in size next year when basic fashion lines, such as pants and socks, are added.

The range will be specifically priced to compete with the non-food ranges of supermarkets. Prices will be markedly lower than John Lewis's existing prices. The launch of the Value range is part of a bigger push by John Lewis to emphasis its low-cost credentials. A major marketing campaign will launch next month to explain what Never Knowingly Undersold stands for.