Online electricals retailer Ao.com confirmed that prices will go up from the end of January following the “softening” of the pound since Brexit.
Discussing the etailer’s interim results, Ao.com chief executive John Roberts said: “We do know there are going to be price increases.
“In a category like electricals, where the margins are as tight as they are, there’s no way that the significant changes in currency that we’ve seen are not going to flow into the market.”
Unknown price increases
Roberts predicted that the higher prices would come into play by the end of January, but was unable to specify the extent of the increases.
He said: “It’s not an exact science. A lot of the negotiations with suppliers are still going on around price increases. It really is just a process that is in progress.”
Roberts insisted, however, that Ao.com will minimise the hikes and remain true to its price guarantee.
“From our point of view, we’ve got the most structurally efficient business within the channel and we’re extremely well-placed to manage this with our suppliers and minimise the impact on customers as much as we can.
“Whatever the price increases are, we absolutely guarantee to be the best priced in the market every day of the year,” he said.