The UK’s biggest menswear retailer, Marks & Spencer, is to reduce its formal tailoring offering as sales fall victim to casual workwear trends.
Sales of ties are down by nearly 6% while sales of blazers and formal jackets fell by 10% year on year. As a result, the retailer will trim down its formalwear ranges and the space devoted to selling suits, the Guardian reports.
More than £100m has been wiped off annual suit sales since 2015, according to Kantar. In the year to the end of August, British men spent £393m on suit and paid an average of just £102 for each purchase.
The high street stalwart’s share price continued to struggle. The Telegraph reports that the retailer’s closing price on Friday was its lowest since February 1989 as shares fell almost 4% to 171.85p.
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.