John Lewis, the well-known fashion retailer from the UK, is entering the investment market for the first time.
The British retailer, reportedly, has joined hands with digital wealth manager Nutmeg to introduce 3 new investment products.
These are junior individual savings account (ISA), stocks and shares ISA and a general investment account.
While junior ISA has an annual allowance of £9,000 wherein parents, guardians and grandparents can make regular contributions to help the beneficiary access the amount when he/she turns 18, the stocks and shares ISA has an annual allowance of £20,000.
Notably, these are tax-free investments. The customers can invest in a general investment account only if they have used up their annual ISA allowance of £20,000.
The UK retailer selected the products following a survey conducted recently amongst 2,000 UK adults. According to the survey, 52 per cent of respondents said the pandemic has made them reassess how they spend and save.
Besides, more than two-thirds of respondents said that they wanted to spend their money on attaining bigger goals, like home renovation.
Importantly, 72 per cent of respondents said that they would consider investing in stocks and shares instead of putting their money into a current account.
The investment market programme forms part of John Lewis’ plans to generate 40 per cent of its profits from outside retail by 2030.
Founded in 1864, John Lewis today has over 40 stores across Great Britain, with concessions also located in the Republic of Ireland and Australia.