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Unfashionable Marks and Spencer in need of a makeover

As its clothing business declines, lower-margin food sales accounted for the lion's share of the group total
Unfashionable Marks and Spencer in need of a makeover
  • M&S’ shrinking clothing business was hit further during the coronavirus pandemic
  • Management needs to overhaul its tired brands before the retailer can be attractive to investors again

Marks and Spencer (MKS) knows the value of its food business. Last month the company announced it would take German rival Aldi all the way to court in order to protect the copyright on its Colin the Caterpillar cake.

The increasing need to build a competitive moat around its food aisle was underlined in the retailer’s latest results. In the year to March, M&S said UK food sales made up almost two-thirds of its total revenues, up from 59 per cent during the prior year.

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