Simpsons of Piccadilly, which inspired the fictional Grace Brothers department store in which the 1970s TV sitcom was set, is long gone, and several of its modern equivalents are now fighting oblivion. The boss of John Lewis, Peter Ruis, clearly decided it was time to exit the elevator this week, announcing his abrupt departure from the UK’s biggest department store chain in a surprise statement. Days later, Harvey Nichols, the luxury Knightsbridge store that was once a byword for 1990s chic, was bought out of administration for a knock-down price by the owner of Sports Direct, Mike Ashley’s Frasers Group.
It was only nine months ago that Ruis was talking about possible expansion of the 36-store chain and a burst of investment was seen to have revived sales. Since then, trading has been tough, not helped by blistering summer weather during which shops on hot high streets have lost out to online specialists, while the high cost of living has put spending on big-ticket items such as sofas and beds on hold. John Lewis said Ruis had decided to step down to “pursue new projects”.
Ruis said he was leaving with the business on a “stronger footing”. Insiders suggest he had been discussing an exit for months. However, this was greeted with scepticism by those who know the company well, given that John Lewis recently organised a media briefing led by Ruis on 3 September, just three days before he is due to step down.
It is understood he will still hold the briefing, days before the group announces half-year results. Ruis is to be replaced by Will Kernan, a non-executive board member of the employee-owned John Lewis Partnership, which also runs the Waitrose supermarket chain. Those close to Ruis suggest he was leaving “on his own terms”, may have personal reasons for moving on, and did not appear to have a new job lined up.
Sources close to John Lewis who have worked with Ruis, a fashion veteran, say he and Jason Tarry, the chair of the department store’s parent group, have notably different career backgrounds and management styles, and were always unlikely to gel. Ruis returned to the business in 2024 after a decade away running retailers including Jigsaw and Anthropologie, while Tarry, a former Tesco executive, took the top job shortly after. However, Tarry said Ruis had done a “fantastic job”.
Nick Bubb, an independent retail analyst, said the sudden exit came despite Ruis “appearing to be doing a good job in difficult circumstances”. He said it was “hard not to link the news with the recent Jason Tarry comments about tough trading at John Lewis” but noted the company’s line that it had arranged an “orderly succession to Kernan”. Ruis led the revival of the group’s 100-year-old “never knowingly undersold” promise, which helped deliver a decent festive season.
Extract — continue reading at the source.
