Bottoli's plan, not surprisingly, includes adding an up market "Black Label" line as well as reaching for more sales abroad for the company's value label, American Tourister.

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If you can give me an explanation of why this would lead to superior value creation, I might label it a strategy, but such an explanation is usually conspicuously absent.

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Espirito Santo Investment Bank analyst, Caroline Gulliver, said the news was "likely to, at least temporarily, reduce consumers' trust in the quality of Tesco's products", which was unhelpful at a time when the retail giant was seeking to promote "the quality underpinning Tesco own label and Everyday Value products".

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This includes an extensive collection of company-owned private label brands, which offer value priced alternatives across numerous merchandise categories.

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"We believe that the value we're creating in the label will far exceed our cash, " says Field, sitting in his Los Angeles office.

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Retail experts say the way forward is for stores to add value through careful development of own-label fashion rather than trying to imitate or outmanoeuvre specialist fashion retailers.

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It offers a number of private label brands such as Kirkland Signature that have high value associated with them.

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In addition, management has worked hard to develop private label fashion merchandise that will appeal to a more value-oriented customer.

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