M&S Acquires Per Una

In a deal with George Davies, Marks & spencer is acquiring the Per Una business in a £125m deal to bring the fashion brand in house. Davies created the upmarket Per Una fashion brand exclusively for M&S, but until now it has been a seperate business, supplying the retailer under a licence agreement.

With Per Una one of the best performing ranges in M&S's womenswear offer, chief executive Stuart Rose indicated in his strategy for the recovery of the business that he would seek to bring it under direct ownership. The terms of M&S's agreement with Davies was one of the issues Bhs and Arcadia owner Philip Green wanted clarifying as a condition of his £9bn potential offer for the retailer this summer.

M&S said the £125m being paid to Davies includes "the company, the brand and people". Davies will remain as chief executive of Per Una for at least two years and will continue to be responsible for the business.