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Steve Rowe news and archive

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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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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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Report |UPDATE

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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Management

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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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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Management

Is 'Mrs M&S' the key to turning around M&S's clothing crisis?

London - Marks & Spencer is ready to embrace its core, female customer, a group CEO Steve Rowe named "Mrs M&S" during a press conference held on Wednesday, as one of the key drivers of his new strategy to transform the retailer's clothing and home division. Steve Rowe places "Mrs M&S" needs at the center of Marks & Spencer new turnaround...

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Steve Rowe set to lay out recovery plan for M&S

Chief Executive Officer Steve Rowe it set to present his recovery plan for Marks & Spencer next week, a plan which is said to hit the flagging high street retailers where it hurts - its short-term profits. During the company shareholders meeting on May 25, Rowe will lay out his new strategy for the company, which is likely to include measures to...

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Steve Rowe to remain in control of Marks & Spencer's clothing division ​indefinitely

Steve Rowe, Marks & Spencer new chief executive officer, is to retain direct control of the department store group struggling general merchandising arm, as he tries to stem months of slipping sales. According to several news reports, Rowe informed M&S employees on Monday in a memo that they should not expect to see his replacement appointed head...

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