Steve Rowe news and archive

Marks & Spencer clothing boss exits

Marks & Spencer has announced that its managing director of clothing and home, Jill McDonald, is exiting the retail giant after nearly two years in the role. CEO Steve Rowe, who previously held McDonald’s position at the company, will be taking over from her in the near term. McDonald was originally appointed to the position in May 2017 as the...

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M&S hires Stuart Machin, CEO of Steinhoff as new MD of Food

London - Marks & Spencer has poached the UK Group Chief Executive Officer of Steinhoff, Stuart Machin, to take on the newly created role of Food Managing Director in a move which sees M&S overhauling its current food branch as it accelerates its business-wide transformation scheme. Stuart is set to take on his new role at M&S in late April,...

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CEO Rowe sees Marks & Spencer's turnaround as a "marathon"

London - It is not those who run the fastest who win the marathon - it is those who have the most stamina to maintain their pace who succeed. Steve Rowe, Chief Executive at Marks & Spencer, intends to ensure the struggling department store wins its race, although he indicated that he expects his turnaround plan to take time. In a note from...

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Marks & Spencer reportedly pulling out of new store developments

Marks & Spencer is said to be considering pulling out of several dozen building and development projects across the country as part of CEO Steve Rowe’s renewed turnaround plans. The British department store chain is reportedly set to cancel involvement in development projects in shopping centres, town centres and residential area, as its reviews...

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M&S expected to announce more closures as it speeds up turnaround plan

London - Marks & Spencer is expected to announce additional store closures this week as part of its CEO Steve Rowe's ongoing turnaround plan for the British department store. Following the appointment of Archie Norman, a turnaround specialist, as chairman of the board, M&S is believed to be preparing to take a more radical approach to its...

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UPDATE: M&S confirms start date for Jill McDonald

London - Marks & Spencers has confirmed the start date of its first Managing Director for Clothing, Home & Beauty. Jill McDonald, former head at Halfords, is set to begin her new role at M&S on October 2, 2017. McDonald, whose appointment at Marks & Spencer was announced in May, is set to take over all duties and responsibilities for clothing,...

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M&S to shut over 80 stores and purge clothing business

London - Although analysts already predicted Marks & Spencer would be shuttering a number of its stores to help cut costs, the industry was still taken aback when the British department store announced it would be exiting 10 loss-making international markets. This means that M&S will be closing 53 stores in China, France, Belgium, Estonia,...

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Labour MP's demand M&S freeze executive pay

The news that retail executives pay themselves hefty salaries is common knowledge. The prime example is Sir Philip Green, who's family pocketed lucrative dividends from BHS at a time when the retailer was in dire straits. Now Labour MP's are hounding Marks & Spencer chief executive Steve Rowe, who they demand should accept a freeze in pay for...

Retail

Marks & Spencer to scale down international reach

British department store Marks & Spencer may pull the plug on a number of its international stores under plans laid out by its CEO Steve Rowe to increase company profits. Rowe, is understood to have made M&S's overseas business his next main concern following a decline in profits which was "not sustainable", according to the Telegraph. He is...

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Barclays downgrades Marks and Spencer

Barclays has downgraded Marks and Spencer’s stock to “underweight” from “equalweight” and slashed the price target, as the bank predicts that things are “likely to get worse before they get better” for the UK retailer. With Marks and Spencer sitting at the bottom of the FTSE 100, Barclays cut its price target to 290 pence per share, from 410...

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M&S looks to shareholders for fashion approval

Too many cooks can spoil the broth, but in fashion opinion-seeking can be a good thing. High street stalwart Marks & Spencer (M&S) has taken to seeking the advice of its smallest shareholders, presenting its latest autumn winter 2016 ranges to those who have shares of just a few thousand pounds. Small stakeholders make up one quarter of the M&S...

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M&S suffers worst day in seven years

London - After M&S revealed its revival plans to focus on Mrs M&S, the 50-plus customer who visits her local branch 18 times a year, the company saw its worst performing day in seven years. M&S chief executive Steve Row, who started the company as a 15 year-old Saturday boy, is adamant to bring M&S womenswear back to its day of glory when it...