Mark and Spencer(M&S) has been named the best-improving fashion brand. As customers decide with their feet and return to the high-street staple.
An increasing number of consumers have been enticed by stylish clothes at low prices in the last year. Resulting in a ‘genuine resurgence of the brand,’ according to research from French bank BNP Paribas.
A large poll of 5,000 women in France, Germany, Spain, and the United Kingdom examined attitudes toward M&S and competitors such as Next, Primark, and Boohoo.
M&S customers were more positive about factors such as pricing, quality, and style than they were the previous year. With the company outperforming its retail competitors. M&S also performed better than before the epidemic.
Because of its success selling staples such as underwear, pyjamas, and school uniforms. The company, established in 1884, has been shielded from a drop in consumer spending.
Wide leg denim trousers and linen vacation outfits are two fashionable items that have recently flown off the shelves at M&S. It also sells a bomber jacket every half hour. Customers have also flocked to its doors following the “demise of high street peers like Debenhams,” according to the report.
Management has put the spark back into Mark and Spencer
According to BNP Paribas, “management has put the spark back into Mark and Spencer,” resulting in its clothing and home division, which accounts for more than half of group earnings, “strongly improving in the eyes of the consumer.”
According to retail analyst Clive Black, ‘they have essentially worked out what their consumers want and don’t want, so they are focusing on their core strengths of ladies denim, nightwear, and underwear.’
On most measures, however, M&S remained behind High Street heavyweights such as Next.
It comes as upmarket competitor John Lewis is ‘coming along like buses,’ according to Mr Black, after the employee-owned firm announced it would not offer employees an annual bonus.
‘If M&S was in the condition it was a decade ago, John Lewis might not be so concerned,’ he added.
Retail expert Nick Bubb cited a stronger management team’ at M&S under CEO Stuart Machin, who takes over in May 2022.
