M&amp;S news and archive

Mastercard pilots digital payments to garment workers

Mastercard is teaming up with global apparel companies, Marks and Spencer, Levi Strauss and Co., and VF Corporation, to pilot a scheme to pay garment workers digitally, to ensure that workers receive their wages “securely and consistently”. The new hybrid digital payment initiative, in connection with global nonprofit Business for Social...

M&S snags fashion director from Topshop

When Marks & Spencer's head of clothing, home, and beauty Jill McDonald left the company earlier this year, it was a wonder who would take her role. Now, Fashion Network has reported that Maddy Evans, the fashion director of Topshop, has been poached by the retailer. She is expected to start her new role this November. Evans' appointment is seen...

M&S posts fall in annual sales and profit

For its full year to March 30, 2019, Marks and Spencer Group Plc (M&S) reported 9.9 percent decline in profit before tax & adjusting items to 523.2 million pounds (663 million dollars), driven by headwinds on sales, partly offset by the operating costs transformation programme. The company said, total revenues declined 3 percent to 10.4 billion...

M&S to close another 17 stores putting over 1000 jobs at risk

Marks and Spencer Plc (M&S) has revealed locations of 17 further stores, which it plans to close as a part of its previously announced five-year plan to shutter over 100 stores by 2022, reports BBC. The store closures are expected to impact 1,045 staff members, who, the company said, will now be a part of consultation process. The 17 proposed...

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M&S continues to report sales decline in the first half

Marks and Spencer Plc (M&S) group revenue decreased by 3 percent at constant currency to 4,967 million pounds (5,689 million dollars) in the first half of this fiscal year, which the company said was adversely impacted by Easter timing by an estimated 0.8 percent in Food and 0.2 percent in Clothing & Home and the group’s accelerated UK store...

Marks & Spencer automates customer service, moves switchboard employees to stores

After partnering up with Microsoft to incorporate artificial intelligence in its business and setting up a retail data academy to step up its employees’ “data literacy”, Marks & Spencer has taken one more step towards becoming a more digital-savvy retailer. This time, it has joined forces with cloud communications platform Twilio to adopt a...

Humphrey Singer to start his new role as M&S CFO from July 9

Marks and Spencer Plc (M&S) has confirmed that Humphrey Singer will start as Chief Finance Officer and join the board on July 9, 2018. The company had announced his appointment in January this year. M&S added that Humphrey will work closely with CEO Steve Rowe and the team as they continue to accelerate the pace of transformation at M&S. Before...

M&S will not pay bonuses to its directors after annual profits plunge

Marks and Spencer Plc (M&S) has decided not to pay bonuses to its directors on the back of fall in profit. The company said in its annual report that group PBT was below the threshold for bonus payments in the business to begin. As such, the committee exercised its discretion and no bonus payments were made to directors. Group profit before...

M&S announces departure of non-executive director

Marks and Spencer Group Plc (M&S) has announced that Richard Solomons has informed the company of his intention to stand down as non-executive director from the board. The company added that it has agreed that he will do so at the company's AGM on July 10, 2018. Commenting on his decision, Solomons said in a statement: “I joined the board when...

M&S appoints two new executive directors

Marks and Spencer Group plc (M&S) has announced appointments of Katie Bickerstaffe and Pip McCrostie to its board as a Non-Executive Directors. Commenting on the appointments, Archie Norman, Chairman of Marks & Spencer said in a media statement: "We are delighted to welcome Katie Bickerstaffe and Pip McCrostie to the board of M&S. As we embark...