Efforts to transform the company don’t end there. It has renewed its attempts to compete better online with the likes of Next by putting its digital operations under the control of a new unit, MS2.
The unit has the autonomy and clout within the organisation to act more like a “pure play” online retailer and less as an adjunct to the store estate – but is still able to use the shops as logistical support for the dispatch of online orders, supplementing its dedicated distribution centres, for click and collect and for the receipt of returns.
In all this M&S is following the path successfully followed by Next, its great rival in clothing.
John Lewis boss needs more than just a positive outlook
Sharon White’s optimism is not entirely misplaced, but getting the department store s mojo back will be her biggest challenge
Sharon White is chairman of the John Lewis Partnership
Credit: Paul Grover for the Telegraph
Two billion. That’s how many reasons John Lewis boss Sharon White has to do things that her predecessors thought unimaginable.
Well, £2.1bn to be precise. With the 157-year-old high street darling drowning in debt, Dame Sharon has had to be unflinching in her overhaul.
The pandemic has helped too. John Lewis was already struggling but a Covid-induced collapse in profits has left it embroiled in a scrap for survival, providing the cover needed to swing the axe at an institution that prides itself on being cuddly.
Mike Ashley eyes Hugo Boss takeover
Frasers Group has a 15pc stake in the German fashion house and has previously said it intended to be a supportive shareholder
Hugo Boss suits in a store in Kiev
Shares in Hugo Boss jumped on Friday amid speculation that billionaire Mike Ashley s Frasers Group will make a swoop for the German fashion house.
The stock rose almost 7pc in Frankfurt, valuing the fashion company at €3.2bn (£2.7bn).
The rise followed a report by a German publication that the Sports Direct tycoon was considering a takeover bid for the entire firm for more than €3.2bn.
21 May 2021 • 1:53pm
Out with the tracksuit bottoms and hoodies, in with cagoules and woolly jumpers. Don’t ever let it be said that us Brits don’t know how to let our hair down.
Last month’s retail reopening triggered a mad dash for the high street, confirming that we aren’t just a nation of shopkeepers but a country of unabashed shoppers too.
With the international travel ban still in place during April, a bit of retail therapy was the obvious way to celebrate the easing of restrictions. The alternative was freezing to death in a beer garden (be honest, we all gave it a go and decided once was enough).
DIY boom sparks shortages
Owner of B&Q and Screwfix vows not to raise prices despite timber, steel and copper all hitting a 10-year high
20 May 2021 • 1:46pm
The owner of B&Q and Screwfix has sounded the alarm over product shortages and price increases as demand for home improvement booms.
Kingfisher warned that a mix of factors including suppliers struggling to keep pace with demand, rising raw materials costs and the shipping chaos caused by the Suez Canal blockage, could lead to supply problems until the autumn.
The company said prices for wood and timber, steel and copper were at 10-year highs but it was “absolutely committed” to not raising prices.