Retail news round-up: Tesco warns suppliers not to hike prices and Lidl launches festive collection for kids
Tesco warns suppliers not to hike prices
Tesco has warned its suppliers not to push prices on British shoppers following a drop in the pound just so that profit looks good to investor, Reuters reported.
Tesco chief executive Dave Lewis in his first public comments since Marmitegate row between Unilever and Tesco said that during currency devaluation, multi-national businesses present results in both constant and current exchange rates.
He said: "And the City (investors) completely understands it, they don't devalue a stock because of that, they understand it's part of the volatility of being in many countries."
"The only thing we would ask of companies that are in that position is they don't ask UK customers to pay inflated prices in order that their reporting currency is maintained. They don't do that for countries outside of the UK."
Lewis recognised few suppliers were facing legitimate cost pressures and under such circumstances, the company could try to offset this by changing recipes or finding cost savings.
Lewis said: "There's (inflationary) pressure. Some of it is justified and if we can't offset it then we work out how it is we can accommodate that between ourselves and indeed our partners."
Further, Tesco expands its tie-up with Sir Philip Green’s Arcadia group, opening more concessions for its Dorothy Perkins, Burton, Evans and Wallis chains in supermarkets.
Lidl unveils Christmas range for kids
Lidl has unveiled a winter clothing range for children starting from £1.49 for baby's tights and slippers, Daily Mail reported.
The Christmas jumper collection includes festive slogans, reindeer and gingerbread designs, and Scandi-style knits. Kids’ reindeer jumpers cost £5.99 and adult versions £7.99.
Lidl’s range for babies includes fluffy slippers and cuddly animal-inspired onesies.