NEWS OF THE DAY
All news stories will relate to PESTLE: Politial, Ecomonical, Social, Technological, Legal, Enviromental.
MARKS & SPENCER has confirmed this morning 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, who was brought on board earlier this year, reports WWD. 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.
Rowe, who confirmed that a consultation period would begin with 2,100 employees in the overseas locations, remained positive about the move, saying, “These are tough decisions, but vital to building a future M&S that is simpler, more relevant, multi-channel and focused on delivering sustainable returns.”
He also reassured the press that despite a weaker pound following Brexit, he does not have plans to increase pricing, instead the company will absorb the cost.
"We've obviously got currency pressures that have come onto us recently but we intend to mitigate those through better sourcing, by better volumes with our manufacturers and our intention is that we won't have to pass those price rises onto the consumer in the New Year," he told the BBC.
http://www.vogue.co.uk/article/marks-and-spencer-to-close-international-shops
PESTLE FACTOR: Economical
M&S Closures Confirmed
FRAGRANCE, footwear, dresses: there is little that Sarah Jessica Parker hasn’t done. Adding yet another string to her already stylish bow, the Sex And The City star has now turned her hand to jewellery design, collaborating with London-based fine jewellery designer Kat Florence on The Flawless Diamonds Collection.
“There is so much that goes into jewellery,” said Parker told us of the design process. “It is so personal. As an actor I have to remove all of my jewellery in order to take on the characters I play. I get to a trailer for work every day and I have to take off my jewellery to play a character, to be someone else. To me, jewellery is a very special choice.”
Florence and her Mayfair boutique are known for one-of-a-kind pieces. In Parker she found not only a co-designer and business partner, but a model too; Parker stars in the collection’s campaign, photographed by Peter Lindbergh in New York.
Launching on November 5, the new collection is split into four initial “chapters” or styles, each celebrating different techniques and decades of design. The Heritage chapter, for instance, takes its cue from Art Deco architecture; Opulence sets stones against rich, burnished 18K gold for a bold look; Symmetry melds past and present with motifs from the Thirties, reimagined in contemporary materials; while Pavé Hews praises sparkle. All use D-grade, flawless diamonds sourced from Botswana, with prices starting from £1,300.
Reasonable pricing was important to both Parker and Florence: “Kat’s trying to create jewellery that is at a price point that is doable,” said Parker. "That is not the typical philosophy [usually associated with] diamond jewellery. She is the opposite of the big diamond industry.”
Keeping true to the personal nature of their approach to the collection, the 100 designs will only be made in a limited production run of between 10 and 15 pieces per style.
http://www.vogue.co.uk/article/sarah-jessica-parker-designs-jewellery-collection-with-kat-florence
PESTLE FACTOR: SOCIAL
Sarah Jessica Parker Turns Jewellery Designer