High-street fashion and homeware brand Matalan is set to lower the prices of hundreds of its products across the UK.

It comes after the chain revealed that it had made savings elsewhere in the business, adding that it would be investing £35 million in cutting the prices of more than 700 products.

Everyday family essentials including clothes and furnishing will see their average prices fall by 15% across Matalan stores.

Some items will be slashed by up to a quarter as part of the price reductions, with the changes taking effect from Monday, January 8 online and in shops.

Matalan to cut prices of hundreds of items

The price cuts will see women’s hoodies cut from £15 to £12.50 and boys’ hoodies from £13 to £10, while a pair of men’s straight-cut jeans are £10, down from £11.

Matalan's popular bedding sets have been reduced by £3 across single, double and king sizes.

Clydebank Post: Matalan will cutting prices in store and on online.Matalan will cutting prices in store and on online. (Image: PA)

The brand added that they were able to make the cuts by reducing costs in other parts of the business.

Input costs, meaning what it has to pay suppliers for products and to run its shops, have come down and inflation has slowed.

Last year a new senior management team was appointed which has been overseeing a change to its buying and sourcing strategy, allowing it to save more money.

Jo Whitfield, Matalan’s chief executive, said: “The start of the year is always a tough time financially and this year, given how difficult 2023 was for so many families, it’ll be harder than ever. So, for 2024 we want to start the year off differently.

“We’ve unlocked efficiencies at a time when inflation and input costs are starting to fall, enabling us to pass these savings on directly to our customers – bringing down the prices of new and existing lines of everyday essentials and favourites across all our key categories.”

Ms Whitfield became Matalan’s chief executive last year, having previously headed Co-op’s food business.

Matalan has more than 270 stores in the UK and overseas.