One of this year’s many new entries, brothers Mark and Neal Lindsey were appointed as M&S sourcing directors in March of last year, as part of a three-year contract. They have been tasked with overseeing the high street retailer’s regional sourcing offices around the world and to improve its margins by increasing direct sourcing from 35% to around 60%.
With a proven track record following their previous involvement in the growth of Next Sourcing, they haven’t wasted any time at M&S, with suppliers quickly feeling the pinch, and reported redundancies at M&S suppliers Dewhirst, Courtaulds, London-based Low Profile and tailoring supplier Bagir.
They are achieving their aim of improving gross margins, between 150 and 500 basis points, and it is claimed they will save the retailer £200m over the three years. As a result in April it was reported Marks & Spencer would hand the pair a multi-million pound paycheck, as its general merchandise sales showed long-awaited signed of improvement.