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M&S UK Overhauls Men’s Formalwear: A Strategic Reinvention for Growth

M&S is undergoing a transformation in its men’s formalwear offerings for spring/summer 2024 as it aims to expand its market share within the category.

The renowned fashion and food retailer, currently holding 18% of the £932m formalwear market, is rolling out a selection of trend-inspired pieces to appeal to a wider range of shoppers and enhance its style profile.

As part of this initiative, M&S has streamlined its range by reducing the number of options available. Core selections, such as plain, navy, black, and grey, now constitute 50% of the range, down from 75% previously.

By concentrating its range, M&S aims to amplify its “style, quality, and value credentials” and capitalize on its top-performing lines through larger purchases. The introduction of a clearer and simpler pricing structure, including a new £85 opening price point, is expected to enhance the shopping experience for customers.

Richard Price, M&S Managing Director for Clothing, Home, and Beauty, emphasized the importance of exceptional products in driving the retailer’s ambition to become the UK’s most trusted retailer. He stated,

“Men’s formalwear presents one of these opportunities, and we are confident that our efforts to emphasize our style, quality, and value credentials, coupled with an enhanced shopping experience both in-store and online, will broaden our customer appeal and establish M&S as the go-to destination for formalwear on the high street.”

 

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