Home / Knowledge / News / Apparel/Garments / Burton Stores to pass on VAT price reductions to all customers
Burton Stores to pass on VAT price reductions to all customers
24
Dec '08
Following The Chancellor of the Exchequer Alistair Darling's decision to cut Value Added Tax (VAT) from 17.5 per cent to 15 per cent, Sir Philip Green's Arcadia Group has released a statement on behalf of a group of the high street's most powerful retailers, confirming they will pass the full VAT cut onto their customers.

The change in the VAT rate will mean huge changes for all the shops in the Arcadia group, as all shelving and register prices will need to be updated. However, Burton, Arcadia, Mosaic Fashions, Bhs, Marks & Spencer, New Look and Next all confirmed in the statement they planned to pass the 2.5% VAT cut on to customers on Monday, or soon afterwards.

The group of retailers covers some of the biggest names on the high street, including; Topshop, Topman, Wallis, Dorothy Perkins, Miss Selfridge, Evans, Burton, Bhs, Oasis, Coast, Karen Millen, Warehouse, Principles, Shoe Studio Group, Jane Norman, New Look and Next fascias.

The statement by Sir Philip said: "Following the recent announcement reducing VAT from 17.5% to 15%, equating to a price reduction of 2.13%, we are pleased to confirm that it is our intention to pass the benefit of this reduction onto our customers."

The price reduction will be given on standard rated product and will be applied on, or as soon after Monday December 1 as possible.

The statement added that this would, "allow for the complexities of implementing the changes required."

It is unclear how the price cuts will be implemented, however many retailers are expected to take off the discount at the till point rather than by re-ticketing stock.

Burton has a long history in men's clothing and fashion, having been founded in 1903 by Montague Burton in Chesterfield.

Burton


Must ReadView All

Textiles | On 22nd Jul 2017

Govt constitutes GST Feedback and Action Room

The Government of India has constituted a Feedback and Action Room...

Textiles | On 22nd Jul 2017

India’s cotton textile exports fell in FY17: Tamta

The overall export of cotton textiles from India declined in 2016-17...

Textiles | On 22nd Jul 2017

Stella McCartney, Bolt Threads partner for eco fashion

Fashion designer Stella McCartney has partnered with Bolt Threads for ...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X