Published on August 19th, 2021 | by The GC Team0
John Lewis enters investment market in pursuit of non-retail profits
John Lewis has launched its first investment products as part of a plan for 40% of its profits to come from outside retail by 2030.
The retailer has teamed up with Nutmeg, the online investment management company which claims to be the UK’s largest digital wealth manager, to offer three new products which aim to help those who otherwise would not consider investing.
The products are the latest to be introduced to John Lewis financial services, following the relaunch of its home insurance and retail credit offers earlier this year.
The move follows JLP’s recent announcement to build 10,000 rental homes in the next 10 years as part of its non-retail profit strategy. The company has committed £100m over the next five years to quadruple its financial services business.
“Based on customer research,” the retailer said, “we know that there is a significant opportunity for a brand customers know and trust like John Lewis to partner with an expert like Nutmeg to deliver simple investments.”
Customers can start investing from as little as £100 and choose a timeframe and risk level that suits them.
JLP is offering a Junior ISA, a Stocks and Shares ISA, and a General Investment account for those who have used up their ISA allowance for the year.
Amir Goshtai, John Lewis Financial Services Director, said: “Our products allow people to put money aside and to take that first step into what is often perceived as the complicated world of investments.
“This is where the trust and love that customers have for our brand combined with Nutmeg’s expertise can make a difference, while making John Lewis even more relevant for life’s big moments, whether that’s saving for a home or preparing for the arrival of a new baby.”