Marks & Spencer struggled with an old-fashioned image, but now clothing has a tighter focus and it’s boom time for food and online
M&S eyes £500m profits boom after surge in demand for jeans and workwear
Identifying what customers really want when it comes to their wardrobes is a conundrum that has been plaguing Marks & Spencer bosses for decades. While the chain has had its eureka moments (that pink coat, which felt like it was better known than the prime minister in 2013 and a suede skirt blessed by model and style plate Alexa Chung) it has been locked in a long-running identity crisis.
A couple of years ago the high street retailer was struggling, with clothing sales plunging amid a reputation for “frumpiness” and buying errors that meant those lines that were popular sold out. But now M&S has announced an impressive turnaround in profits thanks to its booming online and food retail offerings, while the decline in sales at its clothing and homeware business has narrowed to just 1%.
