LONDON — In an ongoing quest to turn around its troubled clothing business, Marks & Spencer has plucked Richard Price from rival retailer Tesco.
M&S said Friday that Price, who is currently chief executive officer of F&F Clothing at Tesco, has been named managing director of its clothing and home division.
Steve Rowe, ceo of M&S, has been filling the role temporarily following the abrupt departure of Jill McDonald in July. McDonald was an unusual choice for the role, joining M&S after serving as ceo of Halfords, the British cycling and motoring retailer. M&S shares fell on the news of her appointment.
She left amid a major supply chain challenges and floundering sales. M&S fell out of the FTSE 100 earlier this year as its sharp share price decline eroded the company’s market capitalization.
Price’s background is in mass clothing, so at least he’ll be familiar with the rhythms of sourcing, deliveries and sales strategy. Also, this will be his second time around at M&S. He served as men’s wear trading director at the retailer before leaving to become managing director at the now-defunct Bhs in 2012.
Price will join M&S next year, and a start date will be confirmed in due course, the store said.