M&S looks to shareholders for fashion approval

Too many cooks can spoil the broth, but in fashion opinion-seeking can be a good thing.

High street stalwart Marks & Spencer (M&S) has taken to seeking the advice of its smallest shareholders, presenting its latest autumn winter 2016 ranges to those who have shares of just a few thousand pounds.

Small stakeholders make up one quarter of the M&S shareholder board and chairman Robert Swannell stated "they are very perceptive. I think companies should be willing to accept they're not perfect, and just learn a bit," he told the Financial Times.

Focus groups and customer feedback offer key analytic data to retailers and companies such as M&S will want to understand what customers are getting from their rivals that they are no longer finding on the shop floor at M&S.

Sales of clothing and fashion fell 8.9 percent in the quarter ending July 2, so feedback will be critical to get its next season's fashion offer 'right.' Full price sell thrus accounted for only 60 percent of sales with frequent promotions throughout the year to entice shoppers to buy.

New chief executive Steve Rowe is tasked with the job of reviving one of the UK's best-loved department stores. In May Rowe announced a series of changes on its management team, where a slimmed down operating committee and management team would be put in place to lead with more focus and making it closer to its customers.

Photo credit: M&S Facebook