January 9, 2018 / 2:32 PM / 14 days ago

M&S seeks technology savings through Tata tie-up

LONDON (Reuters) - Britain’s Marks & Spencer has appointed Tata Consultancy Services (TCS) as its technology partner and is targeting annual efficiency savings of about 30 million pounds ($40.5 million) in the area by 2021-22.

M&S said on Tuesday implementing a new technology programme, which involves TCS taking on core supplier services and management of specialist suppliers, would incur a one-off cost to implement of 25 million pounds.

In November the clothing and home retailer detailed a new five-year strategy, part of which involved eking out 340 million pounds of additional annual cost savings.

Logos of Tata Consultancy Services (TCS) are displayed at the venue of the annual general meeting of the software services provider in Mumbai, June 29, 2012. REUTERS/Vivek Prakash/Files

M&S said the technology changes will involve about 250 existing M&S roles transferring to TCS roles.

The firm will retain a small in-house technology team.

M&S is scheduled to update on Christmas trading on Thursday.

($1 = 0.7401 pounds)

Reporting by James Davey, Editing by Paul Sandle

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