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marks & spencer news and archive

Report

Marks & Spencer confirms 950 jobs at risk

Marks & Spencer has confirmed it is looking to cut hundreds of jobs as part of its ‘Never the Same Again’ restructuring programme. The company said 950 jobs are at risk, across central support functions in field and central operations and property and store management. Announced during the company’s full-year results in May, the ‘Never the same...

Jul 20, 2020

Report

Marks & Spencer reportedly planning to cut hundreds of jobs this week

Marks & Spencer is reportedly planning to cut hundreds of jobs this week as it looks to accelerate its restructuring. It is part of a wider plan to reduce the British retailer’s workforce by “several thousand”, Sky News reports. The company announced its ‘Never the same again’ restructuring strategy during its quarterly results in May. Part of...

Jul 20, 2020

Report

Marks & Spencer appoints new business lead of brands

Marks & Spencer has appointed the former director of external business at Debenhams, Sarah Savva, as its new business lead of brands. Savva was most recently project manager of new business development at Primark, a role she held for six months. Prior to that, she worked for 29 years at Debenhams where she was most recently the British...

Jul 14, 2020

Report

Marks & Spencer and Next reportedly eyeing Victoria’s Secret UK arm

British retail giants Marks & Spencer and Next are reportedly both interested in taking control of the UK arm of Victoria’s Secret after its owner L Brands placed it into administration with Deloitte earlier this month. At least one other unnamed party is also interested, Sky News reported on Friday. The news came the same day that Victoria's...

Jun 27, 2020

Fashion

Marks & Spencer to phase out alpaca wool following Peta exposé

Marks & Spencer is the latest UK retailer to ban the use of alpaca wool following the publication of an exposé by animal rights group Peta into the treatment of animals at a farm in Peru. The British retailer said it will “eliminate alpaca [wool] from all future product developments”, including jumpers, beanies, and cardigans, according to Peta....

Jun 18, 2020

Report

Primark, Next and Marks & Spencer to reopen their stores in England from June, 15

New York – Slowly but steadily, many retailers in the UK are reopening their doors. Primark, Next and Marks & Spencer have announced they will be waiting for customers in their physical stores starting the second fortnight of June. As more and more retailers get ready to recover certain level of normalcy, consumers try to come to terms with the...

Jun 11, 2020

Management

Marks & Spencer to 'hibernate' fashion stock as Covid-19 drags down revenues

Marks & Spencer has released a full-year trading update revealing the extent of the impact Covid-19 has had on the business and laying out its strategic road to recovery. For the 52 weeks to March 28, revenue at the British retail giant fell slightly by 1.9 percent to 10.18 billion pounds. Fourth-quarter revenue was down 2.6 percent, heavily...

May 20, 2020

Report

Marks & Spencer’s new fashion managing director to start earlier

Marks & Spencer Group has announced that Richard Price will start his role as managing director of clothing and home on July 6, 2020. The British retailer first announced the appointment of the position on November 22 of last year but didn’t give a start date. At that time, Price was the CEO of F&F Clothing at Tesco. “Richard joins us at a...

May 15, 2020

Report

Marks & Spencer appoints new non-exec directors

Marks and Spencer has announced the appointment of Tamara Ingram and Sapna Sood as non-executive directors, effective 21 May. Sood is a group director at Compass Group PLC and has been non-executive director at French luxury giant Kering for the last four years. She also chaired the company’s sustainability committee. Ingram joins from...

Apr 30, 2020

Management

Marks & Spencer secures fresh funding, expects 'subdued' fashion sales throughout 2020

Marks & Spencer has announced it has received fresh funding to secure liquidity during the Covid-19 pandemic and beyond, and has warned of “subdued” trading in its Home & Clothing division throughout the year. The British retail giant has struck a formal agreement with banks providing the 1.1 billion pound revolving credit facility “to...

Apr 28, 2020

Business

Marks & Spencer, H&M and Bestseller detail measures to help suppliers

Marks & Spencer, H&M and Bestseller have outlined measures to help support suppliers after fashion retailers received widespread criticism in recent weeks when many companies cancelled or refused to pay for huge orders of clothing. As of the beginning of April, 1.4 billion dollars worth of orders had been cancelled and another 1.8 billion...

Apr 24, 2020

Management

Coronavirus: Marks & Spencer warns on profits, considers store closures

Marks & Spencer has said it expects its clothing, home and international businesses to be “severely impacted” by the Covid-19 pandemic which continues to disrupt the global retail industry. The British retail giant said it is seeing “substantial sales declines” in its clothing and home department, and warned profits could fall below expectations...

Mar 20, 2020