Marks & Spencer is reportedly set to hand sourcing specialists Mark and Neal Lindsey a multi-million pound paycheck, as its general merchandise sales show long-awaited signs of improvement.
The Hong Kong-based brothers, who are credited with streamlining Next’s supply chain, are in line to receive a fixed proportion of the savings generated by M&S’s improved gross margin related to general merchandise sales, as well as salaries of £400,000 each, according to Sky News.
The sum is said to be “substantial” for this year, which is the first of a three-year contract, and is expected to increase over the subsequent two years.
Sky News said the gross margin improvement of between 150 and 200 basis points reported earlier this month would translate into an increase in profits worth tens of millions of pounds.
The retailer recruited the brothers as sourcing directors for general merchandise, with responsibility for clothing and footwear, in November.
M&S declined to disclose the brothers’ pay arrangements as they are not on the company’s main board.