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Next plc SWOT & PESTLE Analysis

ID : 52819953| Dec 2020| 14 pages

COMPANY PROFILE -Next plc

Business Sector :Retail

Operating Geography :UK, Europe, Asia and Middle East

About Next plc :

Next plc was founded by Joseph Hepworth in 1864 as J Hepworth & Son, Gentleman’s Tailors. In 1981, Hepworth became Next. The company has headquarters in Enderby, UK. The categories of products sold include clothing, footwear, accessories, beauty and home products. The company has various segments like NEXT Online, NEXT Retail, NEXT Finance, NEXT International Retail, NEXT Sourcing and others. NEXT Online is its online business that sells clothing and homeware in UK and Ireland. NEXT Retail is a chain of over 500 stores in UK and Ireland. NEXT Finance segment provides consumer credit for NEXT customers to purchase the company’s products through nextpay and next3step. NEXT Sourcing segment is involved in the designing and sourcing of NEXT branded products. The NEXT International Retail segment includes 199 franchise and wholly-owned stores in 32 countries.
Next’s mission statement reads “NEXT’s purpose is to offer beautifully designed, excellent quality clothing and homeware which are responsibly sourced and accessibly priced.” Next’s platform has 3 clear Visions namely “To be our customers’ first choice destination for clothing and homeware, To be the most profitable third-party route to market for our partner brands, and To provide a quality of service that we and our partner brands can be proud of.”
The USP or Unique Selling Proposition of Next PLC sprawls in being the second-largest clothing retailer by sales after Burberry in the United Kingdom as of 2020.

Next plc Revenue :


£ 4,361.8 million - FY ending 31st January 2020 (Y-O-Y growth of +3.3%)
£ 4,220.9 million - FY ending 31st January 2019

Competitive Analysis of Next plc

SWOT
PESTLE

The SWOT analysis for Next plc is presented below in a matrix followed by detailed analysis

StrengthsWeaknesses
1. Aggregation of all assets on a single platform
2. Value addition through product choice, strong third-party relationships, and cost and quality control
3. Well established distribution channels and credit purchase options
1. History of controversies regarding treatment of factory workers and staff
OpportunitiesThreats
1. Licensing partnerships to combine company’s sourcing expertise with design skills of partners
2. Total Platform for third-party brands
3. Increase in demand for fully customizable apparel
4. Retailers leveraging data for personalization
1. Failure to meet design, quality and value expectations of customers
2. Disruption in warehousing and distribution
3. Failure to properly maintain long term liabilities and capital expenditure
4. Business disruption around the world due to COVID-19
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Next plc

Strength

1. Aggregation of all assets on a single platform: The company’s NEXT Platform combines all assets – stores, warehouses, delivery networks, systems, marketing, credit facilities – to create a single powerful aggregation business that sells hundreds of third-party clothing and home brands alongside its own NEXT merchandise. In the UK, the scale of the Online business, supported by the store network and strong relationships with partner brands, enables NEXT to offer a broad product range to customers in order to satisfy their need for choices. In 2019/20, over £500m of other brands’ products were sold through LABEL. The lower barriers to entry created by the shift to online retail have enabled NEXT to take advantage of overseas markets, and in 2019/20, Online Overseas sales exceeded £450m. The platform has three very clear objectives: to be the customers’ first choice destination for clothing and homeware, to be the most profitable third-party route to market for partner brands, and to provide high quality service.

2. Value addition through product choice, strong third-party relationships, and cost and quality control: The company aims to add value through three main ways. One is by offering more product choices through a combination of NEXT products and almost 1,000 third party brands across a range of products in clothing and homeware categories. Another value addition method is to be the most profitable route to market for third party partners. Perhaps the most important value addition comes from the cost and quality control system. The company’s sourcing structure provides high quality products at reasonable prices for customers. It also helps in maintaining the margin through efficient product sourcing, cost control and stock management.

The remaining section under "Strengths" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

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Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

SWOT & PESTLE (combined)
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References used in Next plc SWOT & PESTLE Analysis Report

1. Next PLC Annual Report 2020 - https://www.nextplc.co.uk/~/media/Files/N/Next-PLC-V2/documents/2020/annual-report-and-accounts-jan20.pdf

2. Next PLC About Us - https://www.nextplc.co.uk/about-next/at-a-glance

3. Next PLC comprehensive company information - https://www.nextplc.co.uk/~/media/Files/N/Next-PLC-V2/documents/company-meetings/business-model-jan20.pdf

4. Next PLC corporate responsibility report 2020 - https://www.nextplc.co.uk/~/media/Files/N/Next-PLC-V2/documents/cr-reports/cr-2020.pdf

5. Next PLC investor reports and presentations - https://www.nextplc.co.uk/investors/reports-and-presentations/2020-21

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2021). Next plc SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/next-plc/ [Accessed 02 Aug, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Next plc SWOT and PESTLE analysis has been conducted by Nipunn V and reviewed by senior analysts from Barakaat Consulting.

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