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M&S clothing turnaround 18 months behind schedule

Marks & Spencer chief executive Steve Rowe has told analysts that the turnaround of its ailing clothing division is a year and a half behind schedule. 

At yesterday’s investor update, Rowe confessed the revamp had been delayed by 18 months. In July, clothing boss Jill Macdonald was ousted after buying mistakes led to a shortage of its popular new range of denim, worn by TV presenter Holly Willoughby.

Rowe also revealed M&S’s plans to offer a “buy now, pay later” option. Although a provider is yet to be agreed, the retailer hopes that offering customers the option to pay in instalments will boost trade. 

M&S was officially relegated from the FTSE 100 last month. The relegation is the first time that M&S has lost its FTSE position since the index’s creation in 1984.

 

 

 

Readers' comments (1)

  • The progress of other brands far accelerates what this retailer is trying to do. The gap is going to widen over the next 18 months, especially when the full extent of closures kicks in.

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