British supermarket chain Asda has named Lord Stuart Rose, the former CEO and chairman of rival Marks & Spencer, as its new chair, effective December 1. A retail veteran, Rose was appointed as chief of Marks & Spencer in 2004 and then went on to become executive chairman in 2008. He’s also held a number of executive roles at other big-name...
24 Nov 2021
US investment firm Apollo Global Management is reportedly mulling a buyout of Marks & Spencer. The New York-based firm considers the British retailer’s share price to be unreasonably weighed down by the pandemic, The Sunday Times reports, citing City sources. Apollo also thinks not enough value has been attributed to the 50 percent stake Marks &...
22 Nov 2021
The chair of Marks & Spencer has warned that the EU’s Northern Ireland Protocol proposal could create more problems than it resolves. Archie Norman said the changes “could result in worsening friction and cost and a high level of ambiguity and scope for dispute”. The Northern Ireland Protocol, signed as part of the Brexit Withdrawal Agreement,...
18 Nov 2021
Marks & Spencer has upped its full-year guidance after swinging to a profit in the first half of the year. In the 26 weeks to October 2, pretax adjusted profit came in at 269.4 million pounds compared to a loss of 17.4 million pounds a year earlier, and up 53 percent compared to the profit of 176.3 million pounds it made two years ago, prior to...
10 Nov 2021
Marks & Spencer has announced that it will roll out optician services to 55 stores within the next eighteen months. The service was highly popular during its trial period, with a customer satisfaction and recommendation rate of 96 percent. The service has already been made available in Birmingham, Gateshead, Southampton, Dartford and Cardiff....
3 Nov 2021
Marks & Spencer is reportedly considering a buyout of iconic Saville Rowe tailor Gieves & Hawkes. The 250-year-old company, along with sister brands Kent & Curwen and Cerutti, could face closure if a takeover deal isn’t agreed upon after its Chinese owner Trinity Group, which in turn is owned by Shandong Ruyi, defaulted on a Standard Chartered...
1 Nov 2021
Marks & Spencer has pledged to be net zero by 2040. Its timeline includes a 34 percent reduction in carbon emissions by 2025, a 55 percent reduction by 2030, and finally net zero status by 2040. Part of the company’s decarbonisation process includes a commitment to zero deforestation in palm oil and soy sourcing and obtaining more sustainable...
5 Oct 2021
Marks & Spencer is to close all 11 of its franchise stores with partner SFH in France in the coming months amid disruption caused by new Brexit border checks. The retailer said the decision comes as “lengthy and complex export processes” are “significantly constraining the supply of fresh and chilled product from the UK into Europe and...
16 Sep 2021
Marks & Spencer is reviewing the future of its French business as post-Brexit border controls continue to disrupt the retail industry. “In light of the new customs arrangements we are taking decisive steps to reconfigure our European operations and have already made changes to food export into Czech Republic,” a Marks & Spencer spokesperson...
13 Sep 2021
Once a destination for suits and formalwear, Marks & Spencer is betting on casual fashion and no longer selling suiting in most of its stores. The company said tastes have evolved and the pandemic fuelled the trend for casualwear, with men favouring smart separates over tailoring. Over 50 percent of M&S’s bigger stores are no longer selling...
30 Aug 2021
Marks & Spencer increased its profit forecast on Friday following an “encouraging” trading performance which it said confirmed that its transformation programme is “on track”. The British retailer said it now expects adjusted profit before tax for the year to be above the upper end of previous guidance of 300 million pounds to 350 million...
20 Aug 2021
British department store Marks & Spencer has announced plans to expand its omnichannel platform, including the introduction of six new clothing and footwear brands to be introduced on its website. Earlier in the year, the company launched Brands at M&S, a curated platform of apparel and homeware brands targeted towards the Marks & Spencer...
16 Aug 2021
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