Next is raising prices due to the war in the Middle East

The British fashion and home furnishings retailer Next will raise prices in some markets outside Europe starting in May. Due to the war in Iran, products will become up to 8% more expensive. However, the retailer is performing better than expected in its home market of the UK.

Europe escapes unscathed

Next anticipates higher fuel costs and disruptions in global supply chains now that the Strait of Hormuz remains largely closed. The chain expects £47 million (€55 million) in additional costs this year due to the war between the United States, Israel, and Iran. Previously, Next had estimated an additional £15 million, but that estimate covered only the first three months of the conflict, which broke out in late February.