M&S has plans to hibernate some of its SS20 stock as it reveals a big sales hit due to the pandemic. But the firm is upbeat and says Clothing & Home is progressing, even though fashion retail will change post-crisis.
M&S could be the latest retailer to put part of its SS20 line into ‘hibernation’ until SS21. Ahead of its results announcement on Wednesday, it has emerged that basics and classics could be on store rails next spring.
M&S has surprised the fashion retail sector by saying that its new managing director of the under-pressure Clothing & Home unit will start earlier than expected. Richard Price will join the retail giant on July 6.
Marks & Spencer launched a clothing sale on Thursday to help clear stock built up in the coronavirus lockdown, tapping into widespread public support for health workers by giving some proceeds to NHS charities.
M&S is to unveil a "never the same again strategy" next month as it accepts that its fashion business will stay weak for the rest of the year and it reaches a deal to ensure it has the cash to see it through the crisis.
M&S is the latest big name to detail measures put in place to help suppliers during the coronavirus crisis and said it's paying for the vast majority of orders, as well as for fabric suppliers have bought.
A group of employers' organisations, unions and major brands in the garment industry are working with the International Labour Organisation (ILO) to support manufacturers affected by the coronavirus outbreak.
As the Covid-19 crisis continues, brands that aren’t well established will have a tough time surviving, even if they’re owned by big names. So it was no surprise to learn that River Island-backed Harpenne has been axed.