EXCLUSIVE: Winnings Not For Sale, Despite Knock On Door From Wesfarmers
Sydney based appliance retailer Winnings is not for sale nor will the online operation Appliances Online, be floated according to CEO John Winning, however he did admit that some suppliers are coming under pressure from their insurance and banking partners.
Despite a knock on the door from Wesfarmers recently, the Company that is currently restructuring their relationship with suppliers by moving to a model that places the risk on stock with the suppliers until the goods are sold, is in “fine health” with the business currently rolling out a major end of year sale.
“We are not interested in selling” he said after admitting that the 114 year old Company has had several approaches including Wesfarmers.
“” I’m 4th Generation, the business was started by my Great Grandfather in 1906. We’ve done many things over the years – today we’re a kitchen and laundry appliance specialist and my father and I don’t need any more millions”.
“We have a comfortable life and my priority is delivering truly great service for our customers”. He said.
On the issue of Appliances Online and the growth that online retailers are currently experiencing he claimed that he saw a lot of growth opportunities going forward for the family business.
“Today we go beyond with our customers than what our competitors do. If a customer buys a Fisher & Paykel product from us Vs another high street retailer the difference is clear, we offer a 24/7 service line, and if a customer is not happy with the product we will take it back no questions asked”.
Asked about supply issues during COVID-19 he said that credit insurance was creating a problem with some of his suppliers.
ChannelNews understands that customers who in the past had simply got an order for goods from Winnings with those goods shipped from factory direct to Winnings are now going to have to take the risk on the stock and hold that stock until Winnings has an order for the individual appliance.
“This will place a lot of pressure on distributors who in the past have had consistent supply and an order from Winnings for goods” said one supplier.
“Now there is no volume order instead the risk on the goods and the storing of the goods in Australia until they are sold is down to the distributor” they added.
“We are growing, and our partners have to be in a position to grow with us. We are happy doing what we are doing and if our suppliers are hitting their credit limits with their trade insurance providers that is there problem not Winnings” he said.
When asked why there a change in supplier relationships, he said “Our focus is 100% on our customers and managing our growth. What is our priority are happy customers and we need profits to sustain the business and grow”?
He added “The thread that ties my family’s four generations together is our single-minded focus on the customer. My dad taught me the importance of helping every customer and the need to go above and beyond to delight customers”.