The struggling British retailer is bringing brands such as Hobbs, Triumph and Phase Eight on board to broaden its customer appeal.
Payment platforms including Klarna, Afterpay and QuadPay are fast becoming industry players, discovery sites for fashion and beauty, and marketing opportunities for brands and retailers. They’re also speaking to the demands and desires of Millennials and Gen Z.
M&S will be Jaeger’s third owner in five years, and said the deal should be finalized later this month.
In the U.K., food sales were up 2.2 percent, while clothing and home fell 25.1 percent as large parts of the shop floor went dark due to coronavirus restrictions.
With attention diverted to the U.S. election, British retailers have released gloomy figures as the country heads into national lockdown.
Sales of clothing and home goods were down 29.9 percent over the two months ending Aug. 8.
The clothing retailers, which play in different segments of the market, are downsizing in the wake of the coronavirus pandemic, and a slowdown in footfall.
M&S may have seen sales and profits fall in fiscal 2019-20, but the ceo said the business is learning valuable lessons and has already been running a tighter operation since lockdown.
Price is currently ceo of Tesco’s F&F Clothing division.
M&S put a positive spin on the results, arguing that it is on track with a strategy to turn itself into a leaner, more nimble and profitable operation.
The struggling retailer suffered a brutal first half.