Tesco has spent tens of millions relaunching its premium Finest range in the hope of attracting more shoppers who may have stayed away after the horsemeat scandal engulfed the supermarket.
Tesco bosses also hope to win business from upmarket rival Waitrose, which has seen a huge lift in sales in the past year. Finest is worth £1.4bn to Tesco, with 12 million products sold in the UK every week. But following the relaunch of its Everyday Value range earlier this year, UK chief executive Chris Bush said the gap between the premium and budget ranges was tightening.
He added: “After the relaunch of Everyday Value, we always intended to work on Finest next. We’ve spent tens of millions on this and hope for double-digit growth from the brand.”
Tesco Finest range has 1,500 lines, with 400 new products added and 750 improved; although items such as premium tinned ham and premium baked beans have been removed.
The company has launched a partnership with ITV 1 series Downton Abbey, the group’s first sponsorship of a TV programme, which is believed to have cost several hundred million pounds.
The company has been keen to emphasize where its food has come from after it was hit badly by the horsemeat scandal when horse DNA was found in its own-brand lasagna and burgers.
However, Mr Bush made it clear that the decision to relaunch the Finest range had been scheduled for 12 months – before the horsemeat revelations.
He said: “We were the first to launch a premium brand and customers were telling us it was looking old and tired, rather than reacting to what happened earlier this year.”
The company has recently disposed of its US retail interests and chief executive Philip Clarke is eager to refocus attentions on the UK.
