www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Companies

Marks & Spencer battles to stay in fashion on a changing high street

Updated: 2017-11-10 09:47

Marks & Spencer battles to stay in fashion on a changing high street

Archie Norman, chairman of Marks & Spencer Group Plc CHINA DAILY

Marks & Spencer is going through a crucial period of transition after announcing it would close its 10 stores in major Chinese cities.

The decision last year was part of the plan to turn around the famous United Kingdom-based retail giant.

M&S is already moving its entire business here online through Tmall, the e-commerce platform rolled out by Alibaba Group Holding Ltd, and JD.com Inc.

Neil Wang, China regional president of consultancy Frost & Sullivan, felt that Marks & Spencer had failed to create a clear brand image for consumers here.

"Growing online shops is considered a crucial step for Marks& Spencer, but the most critical problem is not about online or offline," he said.

"The retailer needs to revitalize its business model, market positioning, supply chains and the designs of clothes," Wang added.

The overall outlook for the company is uncertain as Archie Norman, the new chairman of Marks & Spencer Group Plc, stamps his authority on the high street chain.

This comes after a slowdown in Marks & Spencer's food business, a major driver of sales growth.

"The business has been drifting, not for five years, not 10 years but 15 years and maybe beyond," he told the media. "We've got a lot of work to do."

Already Helen Weir, chief financial officer at M&S, has announced she will leave the company, while store closures will accelerate in the UK.

On Wednesday, the company reported another decline in profit. Customers, squeezed by stagnant wage growth and inflation, are being cautious in their spending, Marks & Spencer stated. Its shares fell as much as 3.6 percent, reversing early gains in London.

"The most striking feature of this update is M&S acknowledging that it has problems in its food division," said Geoff Ruddell, an analyst at Morgan Stanley.

Weir's departure reflects increased urgency at the top since Norman's arrival two months ago.

Many investors felt CEO Steve Rowe's initial plans for the retailer were too tentative.

Norman has gained a reputation as a corporate turnaround specialist after steering grocer Asda away from bankruptcy and eventually selling the chain to Wal-Mart Stores Inc in 1999.

"Archie Norman's appointment is bound to have upped the pressure on Steve Rowe," said Tony Shiret, an analyst at Whitman Howard.

"Today's announcements are more extensive than we had thought and maybe point to a more unstable position in the food business than anyone considered likely," he added.

M&S will speed up plans to close 30 stores in the UK and relocate, or shrink, 45 others during the next five years. This reflects the shift to more online apparel spending.

In food, where the company has recently stumbled after relying on its grocery business for profits, it is also scaling back plans to open 250 new outlets during the next two and a half years.

Weir, who joined as CFO from rival John Lewis in 2014, will step back from day-to-day executive duties and seek board positions elsewhere. M&S has begun searching for a replacement.

The management update came as the company reported that adjusted pretax profit fell 5.3 percent to 219.1 million pounds ($288 million) in the six months ending Sept 30.

Still, those numbers beat analysts' estimates of 201 million pounds.

The figures were fueled by better-than-expected data from its clothing business, where sales fell 0.1 percent in the second quarter. Again, this surpassed analysts' estimates for a 2 percent decline.

Rowe's efforts to simplify ranges and cut prices on basic lines are helping stem a five-year slump in sales, while M&S is planning to open 80 Simply Food stores.

But M&S has not decided on the scale of the cutbacks needed to its core business.

The 133-year-old M&S is battling to revive its fortunes after falling out of fashion during the last decade.

"The business still has many structural issues to tackle," said Rowe.

China Daily-Agencies

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 亚洲国产爱久久全部精品 | 中文字幕一区二区三区免费视频 | 美女视频在线观看黄 | 毛片在线视频 | 亚洲高清视频在线 | 国产成人a大片大片在线播放 | 久久精品视频3 | 亚洲精品久久99久久 | 久久国产精品二区99 | 911国产自产精选 | 国产三a级日本三级日产三级 | 国产午夜精品久久久久免费视 | 天天看片天天爽_免费播放 天天看夜夜 | 国模肉肉人体大尺度啪啪 | 免费v片视频在线观看视频 免费v片在线观看 | 亚洲国产国产综合一区首页 | 久操免费在线视频 | 国产网站黄 | 美女图片1314mm爽爽爽 | 久热久草 | 91aaa免费免费国产在线观看 | 亚洲精品一二三四区 | 亚洲炮网 | 国产一级毛片视频 | 欧美日韩一区二区三在线 | 97超级碰碰碰久久久观看 | 中文字幕日韩精品在线 | 97人摸人人澡人人人超一碰 | 美女张开腿让我 | 欧美午夜免费一级毛片 | 欧美性色欧美a在线播放 | 欧美韩国日本一区 | 久久99国产亚洲精品观看 | 久久ri精品高清一区二区三区 | 日本精品久久 | 伊人精品视频 | 亚洲国产精品一区二区三区久久 | 日韩在线观看一区二区三区 | 亚洲国产成人久久综合一区77 | 日本毛片在线 | 成人福利在线 |