Yes, this is what they've actually gone with, it's live on the John Lewis website right now.
I know that whenever there's a rebrand of a famous company designers are the first to have an opinion, and I often try and reserve judgement until I can read a case study or some rationale, but I really don't like this one. It just screams 'inexperienced designer' to me. I wouldn't be surprised if it was handled internally by marketing.
The tiny text is the most frustrating thing about it. Lack of scalability is a common issue with logos posted here for critique and this one is no better.
Here's how it looks on a phone (well in Chrome). When you scroll down they just show you a non-text version: