UK's Marks and Spencer falls; former Boohoo boss to head its clothing division
07/02/2025 13:45
** Shares of Marks and Spencer Group Plc MKS.L fall as
much as 3.3% to 341.8p, stock among top pct losers on FTSE 100
.FTSE index
** The British retailer said on Thursday that Richard Price,
the boss of its clothing division and a key player in the
group's recent revival, is leaving, and would be succeeded by
John Lyttle, the former boss of online fashion retailer Boohoo
BOOH.L and budget clothing retailer Primark
** Lyttle will join M&S on March 3 and Price will leave on
April 30
** Russ Mould, investment director at AJ Bell, says in a
note that Lyttle might seem an "odd choice", given that Boohoo
lost its way during his tenure
** Mould adds that Lyttle's previous role as COO at Primark
means he has worked at two value retailers, suggesting his
expertise is in low-cost retailing, which does not align with
M&S' business model
** Stock gained ~38% in 2024
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))