Tesco clothing chief executive Terry Green said he wants the grocer’s F+F clothing range to become the biggest global fashion brand within five years.
Speaking at Drapers’ sister title Retail Week’s annual conference,Green said that for Tesco to achieve that aim the grocer must provide consumers with ever-increasing value for money.
Selling the right stock for the right price is “no longer good enough”, added Green.
“We now need the right stock, the right provenance and to provide ever-increasing value for money. It has to improve every season and it has to be dynamic.” This value strategy has been integral to the growth of its F+F brand to date, said Green.
“When you produce and sell product for less, you sell more,” he said.
The factors necessary to do this include ensuring product becomes continually cheaper for customers, making provenance transparent, streamlining the business by “working with fewer and more dedicated suppliers”, being original, going global and maximising multichannel.
“Those focused on the new value equation will be the winners of tomorrow,” concluded Green.