Britain's M&S says clothing boss Richard Price to leave business (updated)

Boohoo

06/02/2025 14:57

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      Price has been MD clothing, home and beauty since 2020
    

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      Price to pursue portfolio career
    

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      Will be succeeded by former Boohoo boss John Lyttle
    

  
 (Adds shares in paragraph 4, CEO quote in 7-8)
       LONDON, Feb 6 (Reuters) - British retailer Marks &
Spencer  MKS.L  said on Thursday that Richard Price, the boss of
its clothing division and a key player in the group's recent
revival, is leaving to pursue a portfolio career, which involves
several roles.
    M&S said Price would be succeeded by John Lyttle, the former
boss of online fashion retailer Boohoo and budget clothing
retailer Primark.
    Lyttle will join M&S on March 3 and Price will leave on
April 30.
    Shares in M&S were down 1%, paring year-on-year gains to
47%.
    After over a decade of failed revival efforts, M&S, which
also sells food, is reaping the rewards of a costly programme to
improve the value and quality of its products, overhaul its
store estate, upgrade its technology and e-commerce operations
and modernise its supply chain.
    Price has been managing director, clothing, home and beauty
since 2020.
    “Thanks to Richard’s leadership, the Clothing, Home & Beauty
business is now on a much stronger footing with improved
product," said CEO Stuart Machin.
    "Style perceptions have increased consistently and our lead
on quality and value has extended, driving growth in sales and
market share."
    Lyttle left Boohoo in October after a difficult five years
at the group. It struggled after the pandemic, hurt by supply
chain problems, higher product returns and competition from
rivals such as Shein and Temu.
    Machin said Lyttle's task was to further improve M&S's
sourcing, planning and logistics and develop a truly omnichannel
business.

 (Reporting by James Davey. Editing by Sachin Ravikumar and Mark
Potter)
 ((james.davey@thomsonreuters.com))