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Poundland sells 20,000 engagement rings in a week

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In this episode we speak to Matt Dalton, consumer sector leader at Forvis Mazars. Matt discussed the biggest challenges facing the retail sector, from cost pressures and wage increases to polarised property markets and geopolitical shocks, and the ways in which retailers can best navigate these. We also explore how short-term cost-cutting could undermine long-term resilience, and how retailers can best remain agile and adaptable in unforecastable times.

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Discount retailer, Poundland has announced it has sold 20,000 of its £1 engagement rings within a week of going on sale.

Poundland’s Bling Ring range made headline news upon its release and has been marketed as a “placeholder” ring, with the words “because we promise they’ll want to choose their own”, inscribed on the box. The discount retailer said the majority of its 20,000 sales came from Yorkshire and the Midlands.

Upon the launch of the rings, Poundland ran a campaign offering a customer the chance to get engaged with one of its rings live on TV.

https://twitter.com/Poundland/status/1086239316039356416

Frances O’Sullivan, Poundland’s jewellery and Valentines buyer, said: “Thousands of Brits are already quids in thanks to the £1 proposal. It’s clearly a gem of an idea and the nation agrees.”

The announcement comes just weeks after the company was blasted by environmental campaigners for its ‘Gift of Nothing’ product, which A Plastic Planet described as “designed to go straight into the bin but will last for 500 years”.

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