Relegated back in 2019, Marks & Spencer (M&S) dropped off the FTSE 100 index following its fall in sales and tough competition.
The FTSE 100 ranks the largest UK-listed firms (by market value) and is seen as a prestigious classification. As one of the founding members of the index that began in 1984, M&S’s return marks a new era for the retailer which has significant investment plans to grow its concessions to rival other high-street retailers.
With its share prices rising by more than 75% following its shops and clothing range revamp, its return to the FTSE 100 is a reflection of its hard work. “We've just got to crack on with the job and make sure we continue our positive momentum,” commented Stuart Machin, CEO, Marks & Spencer (M&S).
Who is M&S?
Dating back to 1884, M&S started out as a simple market stall in Leeds by Michael Marks. Speaking little English his success came from a simple slogan ‘Don’t ask the price it’s a penny.”
Joining forces with Tom Spencer - in 1894 - to support the growing business, which led to the very first ‘Marks & Spencer Penny Bazaar’ store. By 1900, the two had expanded the business to 12 stores and 24 market stalls. In 1903, Marks & Spencer Ltd became a registered firm.
From humble beginnings, M&S for nearly 140 years has been an integral part of British social history whether it be from the clothes people wear or the food they eat.
Knowing the importance of looking to the future, M&S is dedicated to delivering long-term sustainable, profitable growth for its investors, colleagues, and wider community through its Plan A sustainability programme.
Meet the CEO of M&S
Appointed in May 2022, Stuart Machin is the current CEO of M&S. With 30 years of experience in food, fashion, and home retail, Machin joined M&S in 2018 bringing with him his skills in retail transformation and his deep understanding of operations, trading, marketing, and online.
Machin is a high-performing and hugely motivated leader who strives to empower people and drive a high-performance culture to deliver market share and profit growth. He describes himself as “a person of complete integrity with extensive experience in developing, leading and executing turnaround strategies and business transformation in diverse businesses and cultural environments.”
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