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The John Lewis Partnership, based in the United Kingdom, announced on Thursday that it is foraying into the investment market for the first time as part of a strategy to diversify its revenue streams beyond retail. The COVID-19 pandemic has wreaked havoc on the employee-owned company, which owns the John Lewis department store brand and the luxury grocer Waitrose.
Sharon White, the partnership’s chairperson, revealed a 1 billion pound ($1.4 billion) recovery strategy in October, which included diversifying beyond retail and seeking more partnerships John Lewis said it has partnered up with digital wealth management Nutmeg to offer three ethical investment products: a junior ISA, a general investment account, and stocks and shares ISA, in an attempt to capitalize on its standing as one of Britain’s most well-known and trusted businesses.
Home insurance and retail financing are already available. By 2030, the alliance wants outside retail to account for 40% of profits. It’s also making a move into real estate. John Lewis announced last month that it would build 10,000 rental units over the next ten years, with half of them being built on its current estate.