Peter Ruis has stepped down as managing director of John Lewis, the UK's biggest department store chain, in a surprise announcement. He will be replaced by Will Kernan, a non-executive board member of the employee-owned John Lewis Partnership, which also runs Waitrose. Ruis said he was leaving with the business on a “stronger footing”, while the company said he had decided to step down to “pursue new projects”.
Abrupt departure amid tough trading
The exit comes days after Harvey Nichols, the luxury Knightsbridge store, was bought out of administration by Mike Ashley's Frasers Group. It follows a period of difficult trading for John Lewis, with blistering summer weather and the high cost of living hitting sales of big-ticket items such as sofas and beds. Insiders suggest Ruis had been discussing an exit for months, though some expressed scepticism given he is due to lead a media briefing on 3 September, just days before stepping down.
Ruis, a fashion veteran who returned to the business in 2024 after a decade away, led the revival of the “never knowingly undersold” promise and oversaw renovations of major stores, including Oxford Street, Bluewater and Glasgow. He also spearheaded collaborations with brands such as Topshop, Waterstones and Jamie Oliver. Last year, the chain increased sales by 3% to £4.9bn, with underlying profit up 29% to £58m.
Leadership changes and strategic challenges
Ruis's departure comes amid speculation about his relationship with Jason Tarry, chair of the parent group, who took the top job shortly after Ruis arrived. Sources say the two have different career backgrounds and management styles. Nick Bubb, an independent retail analyst, said the exit came despite Ruis “appearing to be doing a good job in difficult circumstances”, and it was “hard not to link the news with the recent Jason Tarry comments about tough trading at John Lewis”.
Richard Hyman, a retail analyst, said Ruis might have been prone to big investments but “for a department store to work, it has got to be a really strong brand. It is about handwriting and that is something Peter Ruis is good at.” Another industry source said Ruis was “getting the best tune out of it on trading that was possible, but the issue is more strategic change and grasping nettles”.
Future of the department store
Some industry watchers believe the business will have to reduce its space further after closing 16 department stores during the Covid pandemic. The top job at the department store arm has seen frequent changes since 2016, with several executives lasting only a few years. The role is considered among the hardest in retail, as department stores face heavy competition from the internet and large sites burdened by high business rates and renovation costs.
John Lewis is almost the last national department store chain standing after the closure of Debenhams and Beales, while rivals like Fenwick and Selfridges have downsized or been sold. Mike Ashley's Frasers Group has expanded its portfolio with Harvey Nichols, and some see potential for further acquisitions. Kernan, who has served as chief executive of River Island, The White Company and Wiggle, faces the challenge of keeping the tills ringing at John Lewis.
