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John Lewis Considering Extending BNPL Options

John Lewis and Partners sign corner store 725 x 500

Nish Kankiwala, the CEO of the John Lewis Partnership, has said that the business is considering offering customers the opportunity to pay in instalments for more goods.

Currently, John Lewis offers interest-free and interest-bearing payment plans on selected products, including fitted furniture and baby goods. Finance options are available at checkout for applicable items, but the retailer does not currently offer a Klarna-style payment plan for all purchases.

In an interview with The Mail on Sunday, Kankiwala said: "I think we will develop a buy-now-pay-later product," adding, "Especially in the younger generation, people expect it."

Nish Kankiwala was announced as CEO in March 2023, having been a non-executive director of the John Lewis Partnership since April 2021. He is a former Chief Executive of Hovis and has held senior roles at Burger King and PepsiCo. 

Mr Kankiwala also told the publication: "I am very committed to the partnership. In my heart of hearts, I believe in a business model that is about commercial success but is also sustainable in the very long run, where you share rewards with everyone in the business. I genuinely feel that the partnership model is a better one." 

Source : Insight DIY and ThisIsMoney.co.uk

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14 August 2023

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