M&S has delivered a bleak full-year earnings report, although the bad news was far from unexpected. In year to April 3 — which included three lockdowns during which its clothing departments were shut — sales plummeted.
As Fenwick prepares to reopen, its CEO has predicted “ a good opening, but a slow recovery as well”. Yet overall, he’s confident it's on the right track and can do well in the changed retail world of the future.
Following its recent Jaeger buy, M&S is diving deeper into selling additional fashion brands with news Thursday that it will add Hobbs, Joules, Phase Eight, White Stuff, Jack & Jones, Sloggi and Sosandar to its offer.
M&S has launched webstores in 46 new international markets as it works to boost its global sales, “instantly expanding online reach to over 100 countries and enabling millions more customers to purchase M&S products”.
M&S is putting extra weight behind the sustainability credentials of its denim offer for the new season — a key move given that denim is one of its hero categories and it makes 10% of all jeans sold in Britain.
Major fashion brands are getting behind an initiative in Bangladesh that aims to use more recycled materials in clothing production and significantly cut planet-heating emissions from manufacturing by 2030.
M&S has confirmed that it has bought the Jaeger brand, which had been part of Philip Day’s fashion retail empire. But while the firm is taking over the brand, it’s not buying the label’s store chain and its concessions.