Market nods to Marks and Spencer’s addition of Joules, Phase Eight, Hobbs,and Seasalt
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Business
Marks and Spencer Group PLC (LON:MKS) rose 1 percent to 135.6 pence on Wednesday after the retailer announced the addition of Joules (LON:JOUL), Phase Eight, Hobbs, and Seasalt brands to their physical and online stores. The market nods thus to the company’s effort to bolster sales.
“We have set out our plans to sell complementary third-party brands as part of our Never the Same Again programme to accelerate our transformation and turbocharge online growth,” explained the move Richard Price, Clothing and Home managing director.
The four brands will be available online and in store once the UK’s current lockdown lifts, joining the growing third-party brands stable at M&S (since last May, the retailer has partnered with brands like Nobody’s Child and Ghost London.)
Marks and Spencer has been in the news since it bought last week fellow British fashion retailer Jaeger from administrators for 5 million pounds. It’s worth recalling this is M&S’ first fashion purchase since it acquired Per Una from George Davies in 2004.
M&S stock price up by 40 percent in 3 months
On another note, stock analysts note that Marks and Spencer shares (LON: MKS) (MKS.L) have soared in price in the past few months. They now trade approximately 40 percent higher than they did just 3 months ago, highlight from’Proactive Investor’.
The retailer has ramped up its digitalization efforts, in an attempt to connect – and re-connect – with a more diversified range of consumers. In this regard, sources close to the matter point out that the FTSE 250 company chose these designers because they have overlap with its customer base which would help drive traffic, according to ‘The Times’.
“In addition, the company’s revised international operations and its plans to become more efficient could benefit its long-term prospects. They may help the company to adapt to changing consumer tastes in what is a very fluid period for the economy/” concludes Robert Stephens in an analysis piece for ‘Investomania’.