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Marks & Spencer loses UK clothing share
Marks & Spencer loses UK clothing share

Marks & Spencer loses UK clothing share


Fin24/ Reuters - Mar 24th 2014, 07:24

London - Marks & Spencer, Britain's biggest clothing retailer, lost market share over the last three months, industry data showed, , reversing a small gain late last year that was heralded by its chief executive as a sign his recovery plan was working.  

Data from research group Kantar Worldpanel, seen by Reuters, showed M&S's share of the UK fashion market declined 0.2 percent in the 24 weeks to February 16 and was down 0.4% in the latter 12 weeks of the period.

The figures showed the retailer's share of the key womenswear market contracted 0.2% over the 24 weeks and 0.5% over the latter 12 weeks.

The loss of share is likely to up the pressure on CEO Marc Bolland, who has presided over 10 straight quarters of declining underlying sales in M&S's general merchandise division, which includes clothing.

Bolland is nearing the end of a three-year, $3.8bn plan to address decades of under-investment.

In January he said the womenswear business was showing "early signs of improvement" under the management of a new team and a re-focus on quality and style.

He highlighted womenswear market share growth of 0.1% over the 12 weeks to November 24 - the first growth in three years - and said the firm's spring/summer collection had been well received by the fashion press.

M&S declined to comment on the latest market share data. 

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