LONDON, April 21 Marks & Spencer has
agreed a new contract with Mark and Neal Lindsay, the sourcing
directors who have been instrumental in improving the British
clothing retailer's profit margin, it said on Friday.
The brothers, who previously worked for Next, joined
M&S in 2014 on a three-year contract. There had been speculation
they would not sign another.
However, M&S Chief Executive Steve Rowe told staff in an
internal memo they were staying.
"Mark and Neal have a wealth of experience in sourcing and
it is great news for clothing & home that we can continue to
leverage this experience as we deliver the key strategic
priorities going forward," Rowe said in the memo, first reported
by Sky News.
While M&S has struggled to deliver underlying sales growth
in clothing, it has been successful in finding gross margin
gains by changing the way it buys and makes its clothes.
When Rowe became CEO a year ago he continued to lead its
clothing business, making a turnaround of the troubled division
his top priority. However, he is expected to announce a new
leader for the division soon.
Rowe was boosted in January when M&S reported a first
quarterly increase in clothing and homeware sales in nearly two
(Reporting by James Davey; Editing by Mark Potter)