John Lewis switches Never Knowingly Undersold pledge with 500 million pound investment

British department store retailer John Lewis has ditched its price assurance pledge, Never Knowingly Undersold, as it announced an investment of 500 million pounds into the quality and value of its products.

In a release, the retailer said the century-old Never Knowingly Undersold pledge, which was launched to ensure good value on its products in comparison to competitors, no longer applied to how its customers shop. It stated that the pledge affected fewer physical sales as shopping moved more online, a market where the offer was not applicable.

John Lewis has assured that with the investment, labelled Quality & Value, customers can still trust its prices, both online and offline. Its plan is to “proactively lead on great value”, instead of relying heavily on competitors, and to offer products at different price points for every budget.

It comes as the retailer reported a continued growth on its own-brand Anyday, which focuses on affordable products across fashion, homeware and technology. According to John Lewis, over two million customers have shopped the range in its nine months of operation, notching up 125 million pounds of sales so far.

It added that it will be expanding its Anyday range to also include swimwear and kidswear for the spring/summer 2022 season.