Marks and Spencer Group
Marks and Spencer Group P.L.C., commonly known as M&S, is a renowned British multinational retailer. It was founded in 1884 by Michael Marks and Thomas Spencer in Leeds, West Riding of Yorkshire, England. The company has its headquarters in London and operates a significant number of locations worldwide, with a reported 1,463 stores as of 2019.
M&S is publicly traded on the London Stock Exchange under the ticker MKS and is a constituent of the FTSE 100 Index. The company has a rich history and has been a staple of British retail for over a century. It specializes in selling clothing, beauty products, home products, and food products, with a focus on quality, freshness, and innovation.
The company's product line has evolved over the years, and it includes a variety of private labels such as Per Una, Autograph, Goodmove, Rosie, Blue Harbour, M&S Collection, Boutique, and Jaeger. M&S is also involved in the energy sector with M&S Energy.
Financially, M&S has seen significant revenue, with £11,931.3 million reported in 2023. The operating income for the same year was £515.1 million, and the net income was £364.5 million. The company employed 72,316 people as of 2023.
M&S has faced challenges and undergone several restructuring efforts. In 1998, it became the first British retailer to make a pre-tax profit of over £1 billion, but then experienced a slump. In recent years, the company has seen a shift with clothing sales falling and food sales increasing. This led to strategic decisions such as axing the St. Michael moniker for its own brand and beginning to sell branded goods like Kellogg's corn flakes in 2008.
The company has also been responsive to external challenges, such as the COVID-19 pandemic, which led to the announcement of cutting 7,000 jobs over three months in 2020. Furthermore, in May 2021, M&S announced plans to close another 30 shops over the next 10 years as part of its turnaround plan.
M&S has a global presence with more than 405 stores and over 100 websites worldwide. It continues to be a leading British retailer, bringing quality, great value food, clothing, and homeware to millions of customers around the world. The company's commitment to contemporary, wearable style at great value remains a cornerstone of its business model. Marks and Spencer Group P.L.C. is the parent company of this iconic brand, guiding it through the evolving retail landscape.