Value chain Peacocks is slashing the price of its basics range as part of a raft of strategies announced last week, which include rolling out its organic cotton line into menswear and kidswear.
Speaking to Drapers at the opening of Peacocks' third concept fashion store, in Cardiff, last week, chief executive Richard Kirk said prices across its entry-level product would be cut "dramatically" in September.
"Basics such as underwear is the only area where we're not performing as well as we'd like," he said. "We've seen double-digit like-for-like growth in womenswear and every other department is doing very well. The basics will be cut to supermarket prices."
A pack of seven pairs of socks currently retails at £4, while a pack of women's briefs ranges from £2 to £5. However, Kirk would not confirm by how much prices would be lowered. He predicted future growth would come from footwear and accessories, which bring in £286,000 a week in sales across the group.
The business will also roll out its organic cotton range, launched in March, to menswear and kidswear and expand its existing womenswear collection.
The eight-piece menswear offer will launch into 250 stores in the autumn and will include printed T-shirts for £6 and knits for £10. The womenswear range will comprise denim for the first time, with jeans retailing at £20. It will go into 100 stores. Kidswear will launch later this year.
Managing director Tim Bettley said the organic womenswear collection was beating expectations. "When it was tested earlier this year, I wasn't sure if Peacocks' customers would pay a premium for these items, but they're selling very well."
The organic range is available at the new Cardiff store on Queen Street. It is the third of the new-look shops to launch, following openings in Manchester and Southampton.