John Lewis to invest £1bn in online expansion and diversification

A British retail chain has announced that it is investing £1bn in expanding its online business and diversifying its offering.

John Lewis Partnership, which is headquartered in London, revealed today its five year plan to target profits of £400m.

The plan will see John Lewis and Waitrose working more closely together and cross-selling products.

It said that it is aiming to increase its online retail trading by 20 to 30 per cent, with Waitrose’s delivery capacity growing from 55,000 orders per week to 250,000.

The group will also invest £400m in diversifying into product rental and resale, housing developments, savings and insurance and outdoor living.

It also said that it is aiming for efficiency savings of £300m per year by 2020.

Last month, the chain reported a first-half loss of £635m due to the impact of coronavirus.

Chairman Sharon White commented: “We’ve seen five years of change in the past five months and Waitrose and John Lewis have responded with great agility.

“Our plan means the John Lewis Partnership will thrive for the next century, as it has the last.”