Marks & Spencer Group (LON:MKS) could abandon its womenswear brand Per Una, City A.M. has revealed. The move will come with the blue-chip retailer continuing with its transformation under chief executive Steve Rowe, who has been looking to turn around the group’s fortunes.
Marks & Spencer’s share price fell on Friday, shedding 1.14 percent to 303.50p, marginally outperforming the broader market selloff which saw the benchmark FTSE 100 index give up 1.70 percent to end the session 1.70 percent in the red at 7,633.91 points. The group’s shares have lost a little over 12 percent of their value over the past year, as compared with a near three-percent gain in the Footsie.
M&S could ditch Per Una
City A.M. reported last night that Per Una, which generated roughly £750 million for Marks & Spencer at its peak, was now one of several brands to be put under review by chief executive Steve Rowe. While the fashion label was largely successful at drawing in a younger demographic of female shoppers in the early 2000s, its popularity has since declined.
“As part of our transformation plans to make M&S special again we’re restoring value and style in Clothing & Home,” a spokesman for the blue-chip retailer told the newswire, adding that the group was continuing to review its “sub-brands, some of which have lost their identity in recent years, in order to provide great value choices for stylish wardrobe essentials to our customers”. M&S’ Autograph and Blue Harbour brands are also up for review.
Analysts on blue-chip retailer
Liberum reaffirmed Marks & Spencer as a ‘sell’ on Friday, while Citigroup continues to see the company as a ‘neutral’. According to MarketBeat, the blue-chip retailer currently has a consensus ‘hold’ rating and an average price target of 318.72p.