By Daniel Lanyon on Thursday 19 August 2021
The storied Brtish retailer is embedding investment products through a Nutmeg partnership.
John Lewis has launched its first investment products to customers through a partnership with digital wealth manager Nutmeg.
Through the deal, Nutmeg - which was recently acquired by JP Morgan for a reported £750m - will provide all the legal and technology platforms allowing John Lewis to offer a general investment account, stocks and shares Individual Savings Accounts (ISAs) and Junior ISAs.
Customers can invest as little as £100 for a Junior ISA, and £500 for a general investment account or stocks and shares IS.A
Neil Alexander, Chief Executive Officer of Nutmeg, says since the start of 2020 it has seen a significant increase in people looking to invest to build a more dependable financial future for themselves and their families.
“Through our partnership with John Lewis, we're providing an easy-to-use service and investments that meet the growing demand for social responsibility to help John Lewis customers build a financial future for themselves and their families.”
John Lewis also owns the Waitrose supermarket group, through the John Lewis Partnership group, one of the largest UK employee-owned companies.
Founded in 1926, the firm has faced twin challenges in the era of digital disruption as shoppers shun the high street and physical stores. A trend only accelerated by the pandemic.
Amir Goshtai, John Lewis Financial Services Director, says the pandemic has been tough for many, but others have managed to save more every month to making investment products more attractive.
“They’ve also reassessed how they want to spend their money - more than ever, they want to secure their financial future and that of their families. Our products allow people to put money aside and to take that first step into what is often perceived as the complicated world of investments.”
“This is where the trust and love that customers have for our brand combined with Nutmeg’s expertise can make a difference while making John Lewis even more relevant for life’s big moments; whether that’s saving for a home or preparing for the arrival of a new baby.”
The launch forms part of John Lewis's plans for 40 per cent of its profits to come from outside retail by 2030.