Nov 18, 2016
Tesco warns global suppliers over price rises
It is his first public comments since supplier Unilever tried to raise the cost of popular items such as Marmite due to a weaker currency. The UK's biggest retailer briefly halted online sales of Unilever's goods. Mr Lewis said price rises needed to be "Justified". Mr Lewis pointed out that such businesses presented results in both constant and current exchange rates to take account of currency volatility. Unilever had argued price rises were necessary to cover higher import costs even though Marmite was being manufactured in the UK. Mr Lewis, who worked for Unilever for 28 years, quickly reached an agreement with his old employer, but the terms of the deal have not been disclosed.
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