David Ross, owner of the luxury fashion brand Jisoo, has made a direct appeal to Andy Burnham, the Prime Minister, to end the tax pressures on people and businesses. Ross, who bought Jisoo in 2018, emphasized that the increase in taxes has severely impacted consumers' purchasing power and made conditions difficult for businesses.
Tax pressures on consumers and businesses
David Ross stated: "The current system is not in favor of retailers and customers. We need to see if Andy Burnham is truly committed to revitalizing Britain's high streets." He believes that rising costs of labor and energy, along with changes in business rates, have harmed shops and concerns about future taxation in the upcoming budget have increased.
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Ross also called for a reform of business rates, stating: "We need to exempt shops from the highest new rates that mainly pertain to warehouses." He also pointed out the issues of youth unemployment, saying: "Youth unemployment is at its highest level in a decade. We need to create conditions that make it easier for young people and newcomers to find work."
Growth of Jisoo and future outlook
Jisoo recently announced that sales of the brand increased by 18 percent in the six months ending in July compared to last year. This increase is primarily due to a 43 percent rise in women's clothing sales and the remarkable success of a yellow dress launched in March, which sold out within three weeks.
While Ross notes the recent advancements of the Jisoo brand, he also highlights the challenges facing retailers, stating: "The current market is under significant pressure, and businesses are facing higher costs. There is no targeted support for businesses, and this could impact the upcoming budget."
Jisoo has recently launched a program to restructure and improve its performance and hopes to continue its growth by increasing international presence and focusing on product quality. According to T.K. Goodley, CEO of Jisoo, this season is another sign of the success of this program.
Ross also referred to the government's upcoming decisions, saying: "This summer, our customers purchased 20 percent more than last year, which indicates the British people's willingness to buy quality products. However, it should be noted that the current system is not in favor of retailers, and the government needs to make necessary changes in the upcoming budget."
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