Jigsaw chief executive Peter Ruis has said the fashion industry needs to take “12 months’ medicine” to wean itself off the prevailing discounting culture.
Speaking at Drapers Next Generation event at 30 Euston Square in London Ruis this week said the level of discounting was “distressing”.
“It’s up to the retailers to stop Black Friday. As an industry we need to take 12 months’ worth of medicine. I haven’t seen anyone grow profit year on year by discounting. And from a customer point of view, there’s nothing more distressing than saving up to buy a special piece and then seeing it discounted two weeks later.”
Ruis added: “Fashion has to mean something and when we discount it reduces the meaning of what we do. We need to take the medicine for a year then move on.”
The chief executive advised the audience of first, second and third jobbers to seek opportunities with both big and smaller organisations as the learnings vary between the two.
“You learn a lot from big companies about strategies and they have more money to spend on marketing and travel however when you go up the tree you can some feel a bit paralysed so a smaller company will allow you to be more entrepreneurial again.”