Marks & Spencer hires ex-Tesco exec to fix struggling clothing division
Marks & Spencer has named a new clothing boss to replace its ousted former head of the struggling division.
Tesco’s former F&F clothing chief Richard Price will join as M&S’s new managing director of clothing home after Jill McDonald left the role in July.
Read more: Poor clothing sales knock M&S’s half-year profit lower
Marks & Spencer chief executive Steve Rowe criticised the unit for availability problems at the time.
Rowe said today: “Richard’s career spans some of the UK’s top clothing brands and he has a proven track record of delivering growth through stylish, great value product. We are building a team of world class talent in clothing and home and, with Richard coming on board, I am confident that the speed and scale of the transformation of the business will accelerate.”
The CEO took control of the embattled unit after McDonald’s departure to focus on turning it around.
However, poor clothing sales still knocked Marks & Spencer’s profit down 17 per cent in its latest half-year results earlier this month.
Price previously worked at M&S for seven years until he left in 2012 to become the managing director of failed department store chain BHS.
During his previous stint at the company he oversaw a partnership with Savile Row tailor Richard James and was promoted to lead its menswear unit in 2008.
“Marks & Spencer Clothing & Home is a great business which still has strong brand affection and huge potential,” Price said today.
Read more: M&S’s ex-clothing boss has a new job where she’s CEO
“I left the business because I felt it was drifting in the wrong direction but now feel we have a real chance to make it special again. The new team has already started to improve product and value and I am looking forward to working with them.”
Price will not start until next year, with a start date yet to be set.
Marks & Spencer’s share price lifted 1.5 per cent to 189.7p following the announcement.