Honest, not Perfect Ep 1: Planning for the unexpected ' managing risk in an uncertain world with Anna Berry

When businesses are focused on the now, how do they plan for the future, and more importantly, how do they learn to take notice of global events and plan for the impact that they will undoubtably have?'

Honest, not Perfect Ep 1: Planning for the Unexpected with Anna Berry

In the series premiere of Honest, not Perfect, Suzanne Ellingham and Jack Stratton sit down with Anna Berry, a retail leader with 33 years of experience at John Lewis. They dive into the reality of operating in a "VUCA" world and provide a blueprint for retailers to survive global shocks.

 

Navigating the New Global Trade Reality

We are living in an era of unprecedented volatility. From geopolitical tensions to the shift toward "America First" trade policies, the traditional retail playbook is being rewritten. Anna predicts that as the US and China tighten their trade borders, the UK and EU will be forced into closer collaboration to maintain market relevance.

The "Blended" Sourcing Strategy

One of the most actionable insights from the episode is the move away from "all eggs in one basket" sourcing.

• Far-Shore (China, India): Ideal for high-volume, core staples where margin is the priority.

• Near-Shore (Turkey, Portugal, Morocco): Essential for "speed-to-market" fashion or low-volume testing.

By balancing these two, retailers can mitigate the risk of shipping delays and sudden tariff spikes without destroying their blended margin.

Strategic Financial Resilience

Anna stresses that financial stability isn't just about sales—it’s about protection.

• Currency Hedging: Retailers are urged to buy currency forward to stabilize margins against a fluctuating pound.

• Scenario Planning: Don’t wait for the crisis. Start planning for the second half of 2025 now to identify vulnerabilities before the stock is bought.

Redefining the Retailer-Supplier Relationship

Transactional relationships are a liability in a crisis. Anna challenges retailers to ask their suppliers one critical question: "How hard is it for you to work with us?"

By uncovering inefficiencies and sourcing collectively with non-competing brands, retailers can build a supply chain that is not just more efficient, but more sustainable.

Turning VUCA on Its Head

While many see VUCA (Volatility, Uncertainty, Complexity, Ambiguity) as a threat, Anna reframes it as a leadership opportunity:

• Visionary

• Understanding

• Clarity

• Agility

Summary of Actionable Takeaways:

• [06:53] Preparing for aggressive trade tariffs and "America First" policies.

• [12:45] Using currency hedging to protect your bottom line.

• [14:07] Implementing a "blended" sourcing model for risk mitigation.

• [28:42] The "Supplier Audit": How to improve your attractiveness as a partner.

• [40:30] Real-world success: How brands like Trinny London win by understanding ignored demographics.

Watch the full episode here: Planning for the unexpected – with Anna Berry

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