Poundworld withdraws from Poundshop.com
Poundworld has announced that it is withdrawing from the Poundshop.com joint venture that it launched with Poundland founder Steve Smith earlier this year.
In a statement, the retailer cited a failure to reach a shared vision as the reason for ending its involvement and said it would launch its own e-commerce site next year.
Poundworld’s commitment to the joint venture included lending its branding to the site, supplying stock, and providing product images. Other aspects such as operations, fulfilment, customer service and marketing were led by Smith.
The retailer said the two parties had mutually agreed to dissolve the partnership due to Poundworld’s ongoing concerns about operations, online trading, and the site’s web platform and marketing.
Chris Edwards, junior trading director at Poundworld, said: “A mutual and constructive decision has been made by both parties for Poundworld to end its association with the Poundshop.com brand.
“We are still committed to online and Poundworld is putting plans in place to go it alone with our own online venture. By doing so, this will enable us to have full control over all aspects of the business ensuring that the site reflects our ongoing brand values and strategy.
“We wish Steve every success for the future.”
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