Marks and Spencer to close several stores
net-a-porter collaborates with reformation
8th November
7th November
NET-A-PORTER and Reformation have collaborated on an exclusive party-season edit, marking the first time that sustainable American fashion label has been available to buy globally. "Reformation is a purse-friendly brand with a conscience. Their distribution is very limited, so we felt there was huge opportunity to bring them to the Net-A-Porter global customer.” said Sarah Rutson, vice president of global buying at Net-A-Porter about their decision to work with the LA-based label. Prices will range from £100 to £315. The collection will be launched online at Net-A-Porter.com on Friday 11th November.
Marks and Spencer has confirmed that it is to close 30 of its UK clothing and homewares stores and all of its wholly owned international stores. The closures are part of a bid to create a “simpler business”, according to CEO Steve Rowe. The 53 overseas stores in question include 10 in China, seven in France (the Champs-Élysées flagship is also expected to be on the list) and all of its stores in Belgium, the Netherlands, Poland, Estonia, Hungary, Lithuania, Romania and Slovakia.
The news comes as the retailer announced a 91 per cent decline in first-quarter profits. The cost of the closures is estimated to be £150 to £200 million, but in the long run it is expected to save the company £45 million in annual losses. The company revealed, however, that as a part of its five-year plan, the number of stores in total would actually increase, as the company plans to focus its attention on food and roll out 200 more M&S Food shops around the UK.