Tesco relaunches Finest range for the first time in 15 years as it battles declining profits
Tesco has relaunched its premium food brand, ‘Tesco Finest’, as it battles against a major slump in profit.
The supermarket giant saw a substantial 23.5 per cent drop in pre-tax profit in its half-year result, but still maintains a 30 per cent share of the grocery market.
“With today's relaunch, Tesco is committing to lead the premium food market on quality and taste, reflecting how customers' tastes have changed in the past 15 years,” a Tesco spokesperson said in a statement.
Up to 400 new lines have been added to the range, which achieves revenue of £1.4bn a year, with 75 per cent of the 1,500 product range being either new or improved.
Tesco, who last year hired Wieden + Kennedy for its creative work, is reportedly planning a mid-October marketing blitz for the range.
The Tesco Finest range was recently announced as the sponsor of Downton Abbey.