Banbury phone accessory firm juice take financial hit to support customers
Despite rising inflation and the economic issues associated with global events such as Covid-19, the Russian invasion of Ukraine and Brexit, Banbury-based phone accessories manufacturer juice decided not to raise its prices in 2022.
Founder and CEO of the firm, Jolyon Bennett, made this decision in order to help customers save money to be spent on necessities during the ongoing cost-of-living crisis, even though this has put the company’s profitability at its worst level in ten years, and led to a financial hit for the ownership.
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The move, which has allowed retailers to avoid increasing their prices, is as well as donating £70,000 worth of chargers to Ukraine last year.
Jolyon said: "We at juice® are very grateful to our retailers and ultimately our customers for their support over the years. 3.2 million customers bought at least one juice® product this year, and we felt that the last thing they needed was to see their shopping bill go up any further.
“By way of support to our customers, we decided NOT to increase our prices in 2022, but instead take a hit on the fallout from this and just suck it up."
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