M&S loses lingerie share

Marks & Spencer has lost market share in its core lingerie markets, according to leaked figures from Taylor Nelson Sofres. Debenhams, Asda and Bhs all gained share in the lingerie market at M&S's expense, according to the latest confidential TNS Fashiontrak survey for the 12 weeks to the beginning of December. Measured by value - the indicator most closely watched by retailers - M&S's share of the lingerie market fell by 3 per cent. By volume, M&S's share remained stable. The news will fuel fears that the reversal of sales growth at M&S is the result of increased competition on the high street rather than a consumer slowdown.

Ten days ago Rose announced that like-for-like sales fell by 2.2 per cent over Christmas. The poor trading wiped almost £1.5bn from the company's valuation in one day and prompted a number of retail analysts to question whether Rose was pursuing the right strategy by trying to compete head-on with discount retailers such as Primark and supermarket chains such as Tesco.

Stuart Rose on Tuesday challenged television presenter Jeremy Pax, who complained on air that the quality of M&S' men's undergarments was not up to scratch, to a televised debate. Rose stated M&S' underpants were of exceptional quality and the group received less that 0.1% returns.