With the crisis deepening in Marks & Spencer (M&S), some of its fast fashion brands have been put under strict scrutiny.
Steve Rowe, Chief Executive, M&S, has put one of its leading brands, Per Una, under review after drastic dip in sales and profits. He informed that some of the other M&S brands like Blue Harbour and Autograph may also face the axe as they have come down on trustworthiness in the fashion market.
It must be noted, Per Una, launched in 2001, became a leading womenswear brand in a short span. Despite ups and downs, Per Una always remained a money spinner for M&S; however, things are not in favour now.
During it’s peak time, Per Una generated £750 million annually. However, its rapid decline can be gauged from the fact that the annual pre-tax profits introduced by M&S dropped by 62% for the year that ended March 2018.
Recently, M&S had announced that it will shut as many as 100 stores by 2022. And now with 3 of its brands being put under review, the crisis in M&S has surely deepened.
However, the retail giant is optimistic and feels the new transformation plan will help it recover and provide better value choices to it’s customers.
