Thursday 05 September 2024 6:00 am
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Wednesday 04 September 2024 9:26 pm
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Marks and Spencer have said it’s a new era for the classic British name
Marks and Spencer‘s bosses have hailed the start of a new era for the multi-market firm as the turnaround plan it began in 2022 shows signs of having created long-term, sustainable growth potential.
M&S clothing and home managing director Richard Price said that perception of the brand has improved in recent years, but there are still areas ripe for growth – particularly via investment in its app, online personalisation and its Sparks loyalty programme.
Price said: “We are over two years into our programme for growth and we can really start to see the beginnings of a new M&S.
“Online sales are growing ahead of the market and ahead of stores. It’s driven by better product and much more effective branded social marketing.
“We continue to grow our style perceptions and are getting stronger from a value and quality perception as well.”
Marks and Spencer’s share price has risen by more than 50 per cent in the past six months, making it one of the best performers on the FTSE 100.
It has been delivering stellar results since 2022, after a turnaround plan put in place after a rocky time during the pandemic began to pay off.
The change in the company’s fortunes has been in no small part thanks to the direction of Emma Fox, who has been head of buying for womenswear since 2022.
The firm’s complete overhaul of its once frumpy clothing and homeware division has helped the money to roll in over the past year.
It recently opened a standalone tester clothing and beauty concept store in Battersea power station, which will showcase a curated edit of its wider womenswear and menswear ranges, plus beauty.
Price said that M&S’ market share of the women’s clothing sector is at its highest level for nine years.
“Lingerie has just over 25 per cent market share, 40 per cent of the bra market and that continues to grow,” he added.
M&S has said its latest collection is aiming for an “elevated fashion aesthetic” designed to help customers re-energise their wardrobes.
Anna Braithwaite, M&S clothing and home marketing director said: “As we move into autumn, that vibrant buzz and high energy associated with summer can start to ebb and many of us relax into a quieter mindset – but not at M&S.
“Our autumn campaign is all about embracing Big Autumn Energy and channelling a larger-than-life you, ready to take on the new season with confidence and style.”
