00:00Primark has been the go-to for cheap high street fashion for decades.
00:03Now, in the age of Shein, Timu and Vinted, it's been challenged like never before.
00:07Founded in Dublin in 1969, the retailer quickly expanded across the UK and Europe
00:12and now has a foothold in the US and Middle East markets.
00:16Primark's high street stores and budget prices made them the go-to for affordable
00:19fashion throughout the 2000s. But now consumers are feeling a pinch
00:22and many of them are turning to resale sites like Vinted. Meanwhile, some of the fast fashion giants
00:26like Shein and Timu are undercutting Primark by offering even lower prices online.
00:31Sales are stalling, just as Primark's owner, Associated British Foods, is considering
00:35spinning off the fashion business. At the start of the year, ABF issued a profit
00:39warning hit by the fashion chain's weak performance in Europe.
00:43Primark is trying new tactics. It revamped its website, introduced Click and Collect,
00:47and it's leading into celebrity campaigns and TV marketing in a bid to communicate its value to
00:51customers. The retailer hopes the approach will claw back shoppers from rivals and prove that
00:56the Primark brand can go it alone.
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