With managers hailing ‘the start of a new M&S,’ Marks & Spencer has stated that it can expand its fashion and homeware sector further on the basis of strong online momentum.
Over the past year, sales at the high street mainstay have increased in tandem with the ongoing rebirth of its clothes division.
Richard Price, managing director of M&S apparel and home, stated during the introduction of the brand’s most recent AW24 collection that while consumers’ perceptions of the brand’s style and quality have improved recently, he thinks there is still room for growth.
He told reporters the brand is hoping investment in its app, online personalisation and its Sparks loyalty programme will help keep positive sales momentum.
Under Chief Executive Stuart Machin, the corporation has advanced its Reshape for Growth transformation strategy.
Sales in the apparel and home industries increased by 5.2% in the year ending in March, which contributed to a 58% increase in earnings. In the upcoming years, it hopes to increase its percentage of the UK home and clothing market by an additional one percentage point.
According to Price, the company’s womenswear lines have received great feedback recently, and its market share in the womenswear industry is at its best point in nine years.
M&S has said its latest collection is aiming for an “elevated fashion aesthetic” designed to help customers re-energise their wardrobes.
