Marks and Spencer Group plc (typically abbreviated as M&S) is a significant British international merchant with headquarters in London, England, that is experts in marketing clothes, home products as well as food, primarily of its own label. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index, having actually previously been in the FTSE 100 Index from its creation up until 2019.
M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds. M&S presently has 959 shops across the UK, consisting of 615 that just market foodstuff, and through its tv marketing, asserts the exclusive nature and also deluxe of its food and also beverages; it also offers an online food distribution service via Ocado retail.
In 1998, the business ended up being the initial British seller to make pre-tax earnings of over ₤ 1 billion, although consequently, it went into an unexpected downturn, which took the firm and also its stakeholders by surprise. In November 2009, it was announced that Marc Bolland, previously of Morrisons, would certainly take over as president from exec chairman Sir Stuart Rose in very early 2010; Rose stayed executive chairman till July 2010 and after that chairman up until January 2011, when he was replaced by Robert Swannell. Over the last few years, its garments sales have actually dropped whilst food sales have increased after axing the St. Michael moniker for its very own brand. The company likewise started to market top-quality products such as Kellogg's Corn Flakes in November 2008.
On 22 May 2018, it was verified that over 100 stores will have closed by 2022 in a "radical" strategy. Whether even more stores will certainly close is yet to be validated.
On 18 August 2020, M&S released a declaration that they were to reduce 7,000 jobs over the following 3 months owing to the coronavirus pandemic.