Marks and Spencer Group plc © MarketLine Site 2 Marks and Bradzino Group plc Company Summary COMPANY REVIEW Marks and Spencer Group (M&S or perhaps “the company”) is one of the leading retailers of clothing, foods and homeware in the UK. The business operates in more than 40 countries across Europe, the Middle East, and Asia. It is headquar tered working in london, the UK and employs 78, 169 people.
The company recorded revenues of? 9, 740. 3 mil (approximately $15, 158. eight million) inside the financial 12 months ended 04 2011 (FY2011)*, an increase of two. 1% above FY2010.
The operating earnings of M&S was? 836. million (approximately $1, 302. 5 million) in FY2011, a loss of 1 . 8% compared to FY2010. The net earnings was?
612 million (approximately $952. five million) in FY2011, a rise of sixteen. 3% over FY2010. *The financial year ended April 2, 2011 was a 52-week period whereas the economical year concluded April three or more, 2010 was obviously a 53-week period. KEY FACTS Head Office Marks and Spencer Group plc Waterside House thirty five Nor a Wharf Highway London W2 1NW GBR Phone forty-four 20 7935 4422 Fax Web Address http://www. marksandspencer. com Revenue as well as turnover on the lookout for, 740. several (GBP Mn) Financial Year End The spring Employees 78, 169 Birmingham Ticker MKS Marks and Spencer Group plc © MarketLine Site 3 Represents and Bradzino Group plc Business Explanation BUSINESS INFORMATION M&S may be the holding business of the Signifies & Spencer Group of businesses.
The company is one of the UK’s leading retailers, using more than 21 , 000, 000 people visiting its shops each week. M&S offers clothes and house products, and also foods, procured from about 2, 1000 suppliers globally. It works through both equally wholly held stores and franchise shops. As of FY2011, the company managed 703 stores in the UK. M&S operates more than 361 held and franchised stores in over 40 territories.
Although company generally repor ts its income in terms of geographic segments (UK and international), its functions can be categorized under two divisions: meals and general merchandise. The food division focuses on four key areas: fresh, natural, healthy food choices; special special event products; genuine ready food ranges; and exceptional ever yday foodstuff such as “Oakham” chicken. This operates a chain of 163 Simply Meals owned shops and 202 Simply Foodstuff franchise retailers in large streets, motorway service channels, railway channels and atmosphere por ts in the UK. The typical merchandise trademark the company is definitely categorized in two sectors: clothing and home.
The clothing segment offers women’s have on, men’s have on, lingerie, children’s wear, and accessories and footwear. Some of the prominent brands offered by this kind of segment incorporate Autograph, Limited Collection, Serie, Blue Harbour, Girls Store, Per Una, Ceriso, Admired, and Genuinely you. The property segment gives homeware and home add-ons, kitchen and tableware, lighting, and household furniture products. Moreover to selling products through regular stores, the segment offers catalogue services.
M; S offers usana products and solutions online as well as through range topping stores, retail, retail playground stores, Meters; S shops, Simply Meals stores, and merely Food franchised stores. Markings and Spencer Group plc © MarketLine Page 5 Marks and Spencer Group plc Record HISTORY Meters; S begun in 1884 as a not work in an open up market in Leeds, the united kingdom. Then generally known as Marks’ Any amount of money Bazaar, it had been the household merchandise, haberdasher sumado a, toy, and sheet-music business of Michael jordan Marks, a Jewish asylum from Especially.
In 1894, he got Thomas Gradzino as a organization par tner. In 1903, M&S was authorized as a personal limited firm. Although a clothing style depar tment had 1st been placed in 1938, it had been not until after the Ww2 that it became fully produced under a leading designer.
In 1973, the business entered Canada, and bought Peoples Depar tment Shops and D’Allaird’s, a countrywide women’s wear retailer, both of which that later sold. The company likewise had immediate retailing purchases of Canada. It tried to push south from the border in 1988 with the getting Brooks Brothers, but the ALL OF US operation never took off while the company acquired hoped. Five franchised retailers were closed down in Turkey in 1999 when the franchise par tner Turk Gasoline Holding couldn’t meet it is bank commitments and flattened.
Later in the year, Marks and Spencer Canada, after quarter of a century of business, closed it is 38 retailers. The company marketed its US clothing chain Brooks Friends for $225 million in 2001. In 2003, M&S announced the launch of its “&more” credit card. Together with this, Markings & Bradzino Financial Services was re-branded “Marks & Gradzino Money. ” In 2005, M&S finished the sale of Marks & Spencer Selling Financial Services Coalition (M&S Money) to HSBC. During the course of june 2006, the company exposed 31 Just Food shops as well as shut the Lifestore project in britain.
M&S broadened the “Simply Food” formatting with the purchase of 28 shops on a leasehold basis by Iceland Food for a concern of? 38 million (approximately $76. several million) in 2006. In the same year, M&S sold Nobleman Super Markets, its only non-M&S brand business into a US investor group including Angelo, Gordon & Co, MTN Capital Par tners and Mister. Bruce Weitz for $61. 5 million in money.
In 2007, M&S and two of its long-term suppliers decided to superstar t the development of M&S’ initial “eco-factories”, pioneering innovative techniques of sustainable developing. One component y in Sri Lanka would make lingerie and two industries in Neither th Wales would produce furniture upholster y. In the same yr, the company released its own branded LCD big screen TVs. This kind of range was at addition to the current collection of Volvo TVs available today at M; S. Fur ther back in, M; S i9000 launched institution wear produced from recycled plastic containers. The company’s first standalone home store in Lisburn, Nor thern Ireland was launched in 2007.
In the same year, M&S launched Big & Extra tall, an exclusive on-line men’s wear offering more than 450 items online ranging from tailoring to knitwear to casual shir ts and trousers. Likewise in 2007, M; S reduced saturated fat level as much as 82% in more than 500 company’s products. The business reduced condensed fat amounts in items including casse-cro?te, ready meals, crisps and savor con snacks. Signifies and Gradzino Group plc © MarketLine Page a few Marks and Spencer Group plc History Towards the end of 2007, a new Designed to Measure shir ts ser vice premiered by M&S, which allowed customers to design a tailor-made shir t within twenty one days.
The company added new items to its men’s use por tfolio in FY2008. M; S i9000 also introduced climate control underwear showcasing temperature regulating technology produced by NASA, widened Collezione company collection by introducing new shoes, wool and cashmere mix trousers. M; S reinvigorated the Blue Harbour brand to draw 35 to 44 year old men.
Also in FY2008, the company celebrity ted to freeze its ready foods for foreign sale and launched a array of 70 lines in ten countries. Later on, the company also launched a 25-piece capsule collection called GD25 from Per Una. In 2008, M; S taken out ar tificial colors and flavorings from the entire foodstuff and sodas range. In the same year, the company superior the quantity of space in a number of key out of towns and city centre stores through store plug-ins and also added 35 retailers to it is Simply Meals por tfolio, including twenty-five BP franchised stores.
A fresh flagship retail store in fresh Westfield Middle at White City, Western London was opened at the conclusion of 08. To hair ther progress in Asian markets, the company opened up its initial 38, 000 square feet retail store in Shanghai. M; S then entered into a par tnership with Scottish and The southern part of Energy, as per which Meters; S Strength would source electricity and gas to domestic buyers and reward them with M; S shop vouchers to get helping the surroundings by reducing their energy usage.
Meters; S announced plans to shut 10 of its Just Food shops in 2009. The corporation opened Food to Go stores in Hong Kong in the same year. As well in 2009, M; S announced plans to enter new types in the Of india market, with all the launch of bags and boots for men. The corporation introduced a Ramadan and Eid vogue collection in all the 13 retailers throughout the Middle East in the UAE, Bahrain, Qatar, Kuwait and Oman in 2009. Hair ther in the year, M; S launched personal greetings credit cards business online.
The corporation also announced to open it is second mainland store in Guangzhou, the capital of Guangdong province in southern China and tiawan. M; S also designed a beer and cider selection to complement it is wine collection. M; T launched a revamped version of its site in 2009, the first major update since 2007. Pelt thermore, in 2009, the company began to offer it is online foreign deliver y service to 73 more countries as par t of a drive to grow gross annual sales of M; T Direct. The company began it is offering within the homeware sector in 2009.
M; S released plans to open a store in Marbella, The country of spain by the end of 2009. Inside the same season, M; T and India-based Reliance Full planned to open approximately 40 stores in India in the following five years beneath the banner with their joint venture firm Marks; Bradzino Reliance India. Later in the year, the company discussed plans to cut costs by simply? 50 , 000, 000 (about $150 million) simply by optimizing its supply chain and THIS systems. M; S also announced strategies to open a fresh store at the Swords Pavilions shopping center inside the Dublin Airpor t, Ireland, in 2009.
The corporation opened the new twenty two, 000 square feet store in Morpeth’s Sanderson Arcade inside the same season. M&S decided to launch “Simply Food” in Western European countries. Fur ther in 2009, the organization announced plans to sell a selected range of around 400 top quality grocery and household items in all of its UK stores, following a 16-month trial in its retailers in the Neither th East and South East of England.
Completely, M&S launched a new Home Energy Service department that would give customers a suite of energy productivity products and services. Building on the accomplishment of M&S Energy, which has been servicing Markings and Bradzino Group plc © MarketLine Page 6 Marks and Spencer Group plc History over 125, 000 homes, the company would roll-out several new products including bespoke strength advice, alternative energy solutions including solar panels and heat pumping systems, and cost effective heating solutions.
In the same year, M&S announced a program to be the world’s most environmentally friendly retailer simply by 2015, launching 80 major new responsibilities under M; S’ eco and ethical plan, Strategy A. The new commitments means that the company ensures almost all M&S goods become ‘Plan A products’ with at least a single sustainable quality. This program will even enable the company’s two, 000 suppliers to adopt Program A best practice and motivate M; T customers and employees to have ‘greener’ life-style. Fur ther in 2010, M; S created a new type of www. marksandspencer. omkring designed especially for use in mobile phones and mobile devices—the first cellular site coming from a major UK high street merchant.
Through this kind of, the company aims to expand it is multi-channel giving. During the same year, M; S introduced England Basketball team match exclusively in M; T stores, to take advantage of the football World glass spending. The company opened their new 1 . 1 , 000, 000 square feet syndication centre by ProLogis Area Bradford in britain in 2010.
This kind of warehouse in britain will serve all the company’s stores with furniture products and store tools. Later completely, M&S created a range of Photovoltaic and Solar heating water heating solutions. Coat thering the sustainability pursuits, the company likewise announced that it will eventually use polyester-made made from recycled PET beverages bottles rather than virgin plastic to make a lot more than 300 million clothing proper care labels a year. Towards the end of 2010, M&S released plans to increase rail syndication to reduce their carbon footprint.
More than 300, 000 standard merchandise products per week might move via road to rail division. The company also opened a brand new shopping center in Vilnius, Lithuania at the end of year. In April 2011, M&S opened up its environmentally friendliest ever retail store at Ecclesall Road in Sheffield. This is actually the first retail store of a number of new Eco friendly Learning retailers planned by the company while par t of their drive for being the world’s most environmentally friendly major retailer by 2015.
The company opened up 20 shops in the UK during FY2011, which include 17 Simply Foods. In international, M; S exposed 49 new stores and closed 15 stores. Through the same period, the company entered the Egyptian market which has a 28, 1000 square feet shop in the Snob Mega Nearby mall in Cairo. The company, in July 2011, launched a new iPad application for its investors. This software will provide investors with newest M; H financial reports.
In the subsequent month, M; S signed a traceability deal with Historical Futures. As per the deal, Ancient Futures provides the company total traceability about ever con single clothes and home product this sells. M; S is the first major retailer to commit to full traceability intended for nonfood items. In Sept. 2010 2011, Meters; S exposed a new retail outlet at Westfield, Stratford City with the latest ‘Only at the M; S’ innovations and customer encounters.
In the pursuing month, M&S launched their new France website, http://www. marksandspencer. fr/, marking its first intercontinental transactional website. Marks and Spencer Group plc © MarketLine Page 7 Signifies and Bradzino Group plc History The organization, in Nov 2011, opened up its fresh flagship shop at 95 Avenue des Champs-elysees in Paris. M&S, in Feb 2012, released its store format upon its web page at www. marksandspencer. com/outlet.
M&S Wall plug will once and for all offer a collection of more than you, 300 quality M&S garments products with up to forty percent off the frequent high street and online prices. In the same month, the company recalled four products (Crispy Prawn Wonton, Crispy Vegetable Balls, Prawn Baguette Bread toasted, and Prawn Siu In nessun caso Selection) from its Chinese selection due to problem in ‘use by’ date. In 03 2012, the corporation, announced ideas to release a new website for its Irish customers, http://www. marksandspencer. ie/.
In Apr 2012, M&S announced that it will eventually accept old clothes at UK shops in order to recycling into additional fabrics or perhaps reuse abroad by the Oxfam charity within an aim to slice waste. Signifies and Bradzino Group plc © MarketLine Page eight Marks and Spencer Group plc Crucial Employees ESSENTIAL EMPLOYEES Identity Job Subject Board Marc Bolland Chief Executive Officer Executive Plank 975000 GBP Alan Stewar t Chief Finance Expert Executive Plank 550000 GBP Kate Bostock Executive Representative, General Goods Executive Board 590000 GBP John Dixon Executive Movie director, Food Executive Board 540000 GBP Steven Sharp Exec Director, Promoting Executive Board 655000 GBP Laura Wade-Gery Executive Director, Multi-channel Web commerce Executive Panel Amanda Mellor Group Secretar y and Head of Corporate Governance Executive Board Rober big t Swannell Chief of the Table Non Professional Board Vindi Banga Movie director Non Business Board Miranda Cur tis Director Low Executive Plank Jeremy Darroch Director Not Executive Plank 85000 GBP Steven Holliday Director Low Executive Panel 85000 GBP Mar tha Lane Fox Director Non Executive Plank 70000 GBP Jan du Plessis Movie director Non Exec Board 70000 GBP Clem Constantine Representative, Proper ty Senior Administration Tanith Dodge Director, Human Resources Senior Supervision Dominic Fr y Director, Communications and Investor Relationships Senior Managing Jan Heere Director, Foreign Senior Administration Nayna McIntosh Director, Shop Marketing and Style Senior Managing Steve Rowe Director, Price tag Senior Supervision Darrell Stein Director, I . t and Strategies Senior Management Marks and Spencer Group plc © MarketLine Reimbursement 450000 GBP Page on the lookout for Marks and Spencer Group plc Important Employee Biographies KEY WORKER BIOGRAPHIES Marc Bolland Plank: Executive Panel Job Subject: Chief Executive Officer Seeing that: 2010 Mr.
Bolland is the Chief Executive Officer at Marks and Spencer Group since 2010. Previously, he was the Chief Executive Officer for Morrisons Grocery stores from 2006 to 2010. Prior to this kind of, Mr. Bolland worked in Heineken to get 20 years in numerous management jobs, including Business Board member and Key Operating Police officer, and responsibility for businesses and organization development in america, France, Italy, Spain, the Caribbean and Latin America.
He likewise ser ves as a Representative at Time. Alan Stewart Board: Executive Board Work Title: Chief Finance Official Since: 2010 Mr. Stewar t has been the Chief Finance Officer for Marks and Spencer Group since 2010. Before joining the company, having been the Chief Financial Officer in AWAS, a great aircraft rental company.
Mister. Stewar big t spent ten years at HSBC Investment Financial institution before joining Thomas Prepare in 1996, where he placed various senior roles, which includes Chief Executive at Thomas Cook UK. Mr. Stewar t joined WH Smith in 2005 because Group Finance Director.
He also ser ved like a Non Executive Director in Games Workshop Group. Kate Bostock Table: Executive Panel Job Subject: Executive Movie director, General Products Ms. Bostock is the Business Director of General Items at Marks and Bradzino Group. The girl joined the company in 2004.
Previously, Ms. Bostock was your Product Movie director for Childrenswear at Up coming from 1994. She also se tornar ved since the Product Representative for the George brand covering every area of clothing and footwear at Asda.
John Dixon Board: Business Board Task Title: Business Director, Foodstuff Marks and Spencer Group plc © MarketLine Webpage 10 Signifies and Spencer Group plc Key Staff Biographies Seeing that: 2009 Mr. Dixon is the Executive Representative of Foodstuff at Markings and Bradzino Group seeing that 2009. He joined the business as a Retail outlet Management Trainee. Mr.
Dixon held different senior tasks at the business for over 20 years, which includes Executive Helper, Chief Executive, and Director of Home and M&S Immediate. Steven Sharp Board: Professional Board Task Title: Professional Director, Marketing Mr. Sharp is the Professional Director of promoting at Markings and Spencer Group. This individual joined the corporation in 2005.
Previously, Mr. Shar g served as the Promoting Director in Asda, the Bur bunch Group, Booker, and Arcadia Group. Presently, he is a Non Exec Director for Adnams. Laura Wade-Gery Board: Executive Table Job Title: Executive Director, Multi-channel Ecommerce Since: 2011 Ms. Wade-Gery has been the Professional Director of Multi-channel Ecommerce at Markings and Gradzino Group as 2011.
Just before this, the lady worked for Tesco and held a variety of senior tasks, including Chief Executive Officer of Petrol station. com and Tesco Immediate. Ms. Wade-Ger y likewise held numerous roles by Gemini Consulting and Kleinwor t Benson. She has recently been a No Executive Movie director at Trinity Mirror since 2006. Amanda Mellor Panel: Executive Table Job Title: Group Admin and Head of Business Governance Ms.
Mellor is the Group Admin and Brain of Coloracao porate Governance at Markings and Spencer Group. The girl joined the business in 2004 as the Head of Entrepreneur Relations. Ms. Mellor put in her early on career in investment administration at Wayne Capel just before becoming a Movie director within the Corporate Financing team.
The girl then served at Rober t Fleming, Investment Banking prior to joining The Bur ton Group as the Director of Cor porate Relations and Investor Relationships. Robert Swannell Board: Low Executive Plank Job Name: Chairman of the Board Represents and Spencer Group plc © MarketLine Page 14 Marks and Spencer Group plc Essential Employee Journal Since: 2011 Mr. Swannell has been the Chairman of the Panel at Markings and Spencer Group since 2011. He joined the company in 2010 as being a Non Executive Director. Prior to this, Mr.
Swannell was a Senior Independent Director at The British Area Company, and 3i Group. He put in over 30 years in investment financial at Schroders/Citigroup. Mr.
Swannell was previously the Vice Leader at Citi Europe and Co-Chairman in Citi’s Euro Investment Lender. Vindi Volas Board: Low Executive Plank Job Subject: Director As: 2011 Mr. Banga is a Director for Marks and Spencer Group since 2011. He is currently a Par tner at Clayton Dubilier; Rice, a private collateral investment organization. Prior to this kind of, Mr.
Banga spent thirty-three years for Unilever, in which he held many senior positions, including Director of the Global Foods, House and Personal Treatment businesses, and was a member of the Unilever Executive Plank. He also serves as a Non Executive Director at Thomson Reuters news agency and Maruti Suzuki India. Miranda Curtis Board: Low Executive Panel Job Title: Director Since: 2012 Ms.
Cur tis has been a Representative at Markings and Spencer Group as February 2012. She is currently the Chairman in Waterstones, and a Not Executive Representative at Liber ty Global. Ms.
Mutt, mongrel tis has also been a No Executive Overseer at Nationwide Express Group since 08. She also provides on the Panels of the Institute for Authorities, the Regal Shakespeare Organization, and Camfed (the leading African girls’ education charity). Jeremy Darroch Board: Low Executive Plank Job Title: Director Seeing that: 2006 Mr. Darroch is a Director by Marks and Spencer Group since 2006.
He likewise ser ves as the primary Executive in British Atmosphere Broadcasting. Recently, Mr. Darroch ser ved as the main Financial Police officer at United kingdom Sky Transmissions. Prior to this kind of, he was the Group Finance Director and Retail Financial Director by Dixons Retail (formerly DSG International).
Markings and Gradzino Group plc MarketLine Web page 12 Markings and Gradzino Group plc Key Employee Biographies Steven Holliday Panel: Non Executive Board Work Title: Representative Since: 2004 Mr. Holliday has been a Overseer at Markings and Bradzino Group since 2004. He is the Group Chief Executive Officer in National Grid.
Prior to that, Mr. Holliday served as the Director of UK and European countries and was responsible for great britain Electricity and Gas businesses. He is as well the Leader of the UK Business Council for Sustainable Energy. Prior to joining National Grid, Mister.
Holliday was an Exec Director in British Borneo Oil and Gas. Recently, he held several elderly positions at Exxon Group. Martha Side of the road Fox Plank: Non Exec Board Job Title: Overseer Since: 3 years ago Ms. Sibel has been a Movie director at Signifies and Gradzino Group as 2007.
The girl with the UK’s Digital Champ, the Leader of Race Online 2012, and a Non Executive Director by Channel 4 Television. Ms. Fox is founder and Chairman of Lucky Words, and of her own grant-giving foundation, Antigone. She was co-founder of lastminute. com.
Jan du Plessis Table: Non Exec Board Task Title: Director Since: 2008 Mr. ni Plessis has been a Director at Marks and Spencer Group since 08. He is the Chief at Rio de janeiro Tinto. Recently, Mr. i Plessis was your Chairman by British American Tobacco and a Not Executive Movie director at Lloyds Banking Group. He likewise ser ved as the Chairman by RHM via 2005 to 2007. Mr. du Plessis was previously the Group Fund Director at Richemont, a posture he kept until 2005.
Clem Constantine Board: Mature Management Task Title: Representative, Proper ty Mr. Constantine is the Director, Proper ity at Represents and Gradzino Group. He joined the business in 2006. Mister. Constantine was appointed the Group Proper ty and Retail Planning Director for Arcadia Group in 1999.
Having been appointed to his first finance directorship in 1993, for the IS brand at the Marks and Gradzino Group plc © MarketLine Page 13 Marks and Spencer Group plc Important Employee Biographies Bur load Group, and moved through several other financing directorships with variable tasks including systems and price tag. Mr. Constantine was trained as a Char tered Curator at Stoy Hayward, and joined Debenhams in 1989 as a Financial Analyst.
Tanith Dodge Panel: Senior Administration Job Name: Director, Human Resources Since: 2008 Ms. Dodge has been the Movie director, Human Resources by Marks and Spencer Group since 2008. She was formerly the Group Human Resources Director by WH Jones since 2003. At WH Smith, Ms. Dodge was also responsible for Public Relations, Marketing communications and Mailbox Operations.
Just before this, the lady was the Mature Vice President Human Resources for European countries, Middle East and The african continent (EMEA) for InterContinental Hotels Group. Ms. Dodge likewise served as the Human Methods Director in Diageo’s two business divisions. She was also the International Human Resources Manager by Prudential Company.
Dominic Smolder Board: Older Management Task Title: Representative, Communications and Investor Contact Mr. Fry is the Overseer, Communications and Investor Relations at Markings and Bradzino Group. This individual joined the company in 2009. Just before this, Mr. Fr sumado a ser ved at Tulchan Communications.
In 1996, having been appointed the Communications Movie director at T Sainsbury and ser ved in the same role in ScottishPower from 2000 to 2005. In 1989, Mister. Fr con became the Communications Overseer at AT&T in the UK just before moving after that to head up communications in the Channel Tunnel in the the middle of ’90s. He star ted his career in 1982 working in PR consultancy at Traverse-Healy; Regester then Charles Barker. Jan Heere Board: Senior Management Work Title: Overseer, International As: 2011 Mister.
Heere has been the Director, Worldwide at Signifies and Spencer Group as 2011. This individual joined Inditex in 2002 where he kept a a lot of international tasks, most recently because General Supervisor for Inditex Russia. During 2000–02, Mr.
Heere held various elderly management roles at Zara, Groupo Inmobiliario Lupaco, and Charanga. Started his career at Time in Spain in 1997. Nayna McIntosh Marks and Bradzino Group plc © MarketLine Page 18 Marks and Spencer Group plc Key Employee Journal Board: Mature Management Work Title: Overseer, Store Marketing and Design Ms. McIntosh is definitely the Director, Retail store Marketing and Design and style at Represents and Gradzino Group. The girl joined the business in 2006.
Prior to this, Ms. McIntosh was doble t from the Management Team that create the per una manufacturer in 2001. Previously, the girl served because the Potential Director pertaining to the George brand by Asda retailers.
Before getting started with George, Ms. McIntosh i visited Next to get four years as a Divisional Executive pertaining to the Southern region of Britain. Steve Rowe Board: Mature Management Task Title: Movie director, Retail As: 2008 Mr.
Rowe has been the Director, Selling at Marks and Bradzino Group since 2008. He joined the corporation in 1989 and held a variety of positions in store management, having recently worked at Topshop as being a Store Administrator. Mr. Rowe joined Head Office in 1992 as a Merchandiser for Menswear.
In 1998, he was promoted to Category Supervisor in the Furniture Depar tment. In 2001, Mr. Rowe led they developing your home Growth Strategy, working with McKinsey Consultants, to become Head of Home types in the year 2003. He was promoted to the Overseer of Residence a year later in 2004.
Via 2004 to 2008, Mr. Rowe was also in charge of Beauty and New Business Development. Darrell Stein Board: Senior Management Task Title: Representative, Information Technology and Logistics Mr.
Stein is definitely the Director, Technology and Strategies at Signifies and Bradzino Group. He has been working in IT to get 17 years star ting his career at the business in 1990. Mr.
Stein re-joined Meters; S 5 years ago as the IT Movie director. From 2001 to 06\, he producir ved for Vodafone, becoming IT Movie director for Vodafone UK in 2004. Prior to this, Mister. Stein was Vodafone’s UK Network Movie director and Global IT Approach and Structures Director. From 1996 to 2001, this individual ser ved at Ernst & Young, leading numerous major THAT and Change Programmes in the finance, retail and utility areas.
In 1994, Mr. Stein joined Roter planet (umgangssprachlich) as a Job Manager. Signifies and Bradzino Group plc © MarketLine Page 12-15 Marks and Spencer Group plc Significant Products and Services SIGNIFICANT PRODUCTS AND SERVICES M&S is one of the leading retailers of clothing, food and homeware in the UK.
The company’s crucial products and services are the following: Products: Women’s put on Men’s put on Lingerie Children’s wear Boots Food and grocery items Homeware and home accessories Kitchen and tableware Lighting Furniture goods Services: Credit cards Car, house, travel, and pet insurance Personal loans Brands: Autograph Limited Collection Serie Blue Harbour Girls Store Per Una Ceriso Loved Truly you Marks and Spencer Group plc © MarketLine Site 16 Signifies and Gradzino Group plc Revenue Analysis REVENUE EXAMINATION Overview The organization recorded revenues of? on the lookout for, 740. several million (approximately $15, 158. 8 million) in FY2011, an increase of 2. 1% above FY2010.
Intended for FY2011, great britain, the company’s largest geographic market, made up 89. seven percent of the total revenues. Meters; S builds revenues through two business divisions: foodstuff (51. 5%% of the total revenues in FY2011), and general items (48.
5%). Revenues simply by division* During FY2011, the foodstuff division registered revenues of? 4, 499. 4 million (approximately $7, 002. four million), an increase of 1. 9% over FY2010. The general items division recorded revenues of?
4, 233. 6 , 000, 000 (approximately $6, 588. almost eight million) in FY2011, a rise of 2% over FY2010. *The earnings breakdown by simply division is only for the revenues from the UK industry. Revenues by simply geography The united kingdom, M; S’ largest physical market, accounted for 89. % of the total revenues in FY2011.
Income from the UK reached? 8, 733 , 000, 000 (approximately $13, 591. two million) in FY2011, a boost of 1. 9% over FY2010. International businesses accounted for 15. 3% in the total profits in FY2011. Revenues via international procedures reached? one particular, 007. several million (approximately $1, 567.
7 million) in FY2011, an increase of 4% over FY2010. Signifies and Spencer Group plc © MarketLine Page 18 Marks and Spencer Group plc SWOT Analysis SWOT ANALYSIS M&S is one of the leading retailers of clothing, food and homeware in the UK. The business has extended its food product offering drastically in the modern times.
New products releases, focus on expanding healthy products, promotions, and competitive prices are all aiding the company appeal to customers within a highly competitive market. Nevertheless , surge in shoplifting may negatively influence the cost composition for M&S.
Strengths Weak points Expanding food offering Solid market placement in the garments segment Physical expansion to enhance the addressable market and minimize vulnerability to mature UK market M&S etched a highly effective CSR technique M&S legacy stores and systems really are a ompetitive drawback Declining standard merchandise department sales because of inadequate stocking Opportunities Threats Online channel continues to rate of growth and will enable M&S to enhance revenues Focus on China and India can result in expansion in two of the fastest developing markets Spike in shoplifting losses costs the stores and buyers Weak customer spending in the UK Rising labor cost in britain Strengths Widened food offering The company offers expanded their food product giving significantly in the recent years. Last season, M&S regularly highlighted it truly is cheaper than Waitrose on the basket of just one, 200 items by about 2%.
The company, last season, decided to purchase its margins in order to provide its customers less expensive. As a result of this kind of, M&S noticed improved awareness of value by its buyers. The company, in FY2011, introduced around 1, 800 new releases in foodstuff and situated itself because the UK’s leading good quality food retailer.
The key merchandise launches from the company contain Taste Italia, and Made With no Wheat array of gluten-free loaf of bread and cakes, With the accomplishment of Produced Without Wheat or grain product range, the company launched gluten-free sandwiches, meat, stuffing, and crisp bakes. As of FY2011, the company presented 125 gluten-free products. M&S also became the UK’s second major favorite health food manufacturer with the start of it is Simply Fuller Longer selection which motivates customers to control their pounds with a menu plan. The gross margin of food division increased by 20 basis take into account Marks and Spencer Group plc © MarketLine Web page 18 Signifies and Bradzino Group plc SWOT Evaluation 30.
8% in FY2011. This was largely driven by simply better supervision of marketing promotions and waste materials. Fur ther, in the 4 th quar ter of FY2012 finished March 2012, M&S introduced 500 new releases in the meals division. The sales in this quar possuir increased by simply 3. 1%, The company’s promotions just like roast meal for? five ($7.
8), Dine In, etc offered its customers with superb value alternatives for holidays. M&S’ food division has been performing well in a observar y competitive market and against difficult competitors. By simply launching ground breaking products and with an extended food supplying, the company have been able to catch the attention of the customers in a highly competitive market. Strong market location in the clothing segment M&S has a good market placement in the apparel segment. With more than one in 10 clothing things bought from M&S, the company ranks amongst the 3 main clothing retailers in the UK.
According to a repor t released by Judgement (Datamonitor’s selling arm) in-may 2012, Meters; S is well known for its item quality. The company was positioned first having a score of 49 because of its product top quality above the industry average of 23. According to another repor t introduced by Consensus in Apr 2012, Meters; S likes highest conversion rate of fifty. 7% and is also very powerful in conver ting surfers to loyal key users through its diverse product present, in-store assistance and outfit quality. This means that that Meters; S is a trustwor thy brand, which all main users could return to realizing that the quality, match, and se tornar vice happen to be reliable and consistent.
The retailer provides recognized that its primary market of predominantly adult customers has been especially hard hit by rising main costs of living, slipping interest on savings and worse prospective customers for pensions, and in response has decreased its entr y prices to contend more effectively with high street/value operators and supermarkets, helping to maintain the commitment of their main users and prevent all of them from shopping elsewhere. Verdict, in its repor t in March 2012, ranked, M; S seventh in the global depar tment store industry with a discuss of 3. 2%. This market management enabled Meters; S to excel throughout the economic downturn, while other mid-market retailers will be pressured through the ever broadening value players.
Leading industry position signifies access to a large customer base and also popularity of Meters; S’ supplying in the clothes segment. Going forward, this market situation would enable the company to operate a vehicle revenues because consumer spending recovers. Geographical expansion to increase the addressable market and minimize vulnerability to mature UK market With a por tfolio of more than 361 held and franchised stores in 42 territories M&S keeps growing its worldwide business.
This mix of control models and countries enabled the company to accomplish well in FY2011, even when specific markets had been weak. Fur ther, during FY2011, the organization entered the Egyptian market with a twenty eight, 000 sq ft store inside the Dandy Super Mall in Cairo. M&S’ international organization grew simply by 4% in FY2011 despite tough economy.
As an existing retailer within a mature market, it is going to be hard for M; S to continually deliver significant raises in UK sales. However , in the long run, the international organization offers an oppor tunity pertaining to high growth. By producing much higher quantities, it can deliver margin rewards with suppliers. With production costs growing, this will end up being an advantage in the united kingdom. International growth will permit the company to get into multiple sales points for most of the product ranges.
This is especially relevant to get clothing and homewares portions. Also, through expansion inside the international markets M; H can decrease Marks and Spencer Group plc © MarketLine Site 19 Represents and Gradzino Group plc SWOT Analysis vulnerability to mature UK market. The organization can also par ticipate effectively in some of highest developing markets such as China and India.
All of these factors could enable the organization to reduce the complete business risk and aid increased revenues. M; T etched a powerful CSR approach M; H has to its credit a highly effective corporate sociable responsibility (CSR) strategy. CSR has been attaining prominence not just among the risk holders and governments nevertheless the consumers too. The company has the highest propor tion of shoppers believing this to be a responsible retailer which can generally be caused by the success of its Plan A, a? two hundred million (approximately $320. 3 million) 100-point plan introduced in 3 years ago with five areas of focus: climate alter, fair similar tnership, well being, sustainable recycleables, and waste materials.
In FY2011, the company included two more areas in its Plan A: involving buyers, and producing Plan A how we work. In the last few years, initiatives introduced under the Plan A banner include starting the company’s first eco-store, encouraging suppliers to set-up eco-factories, taking away hydrogenated fat from its all set meals, elevating the propor tion of organic food, reducing the salt content of its generate, cer tifying a larger percentage of it is fish as originating from sustainable populations, and beginning to sell recycling and composting containers. It is the high profile presence of Plan A in adver tising advertisments, product labels and shop signage that gives M&S among the finest consumer perceptions of a dealer for sociable responsibility.
The campaign functions not just as a direct to consumer route, but likewise because of the positive coverage celebrate. Perhaps even more impor tantly, it has publicized all of these pursuits extensively. In 2008, M&S launched a TV adver tising campaign centering on its moral, environmental and health-conscious recommendations, highlighting it only uses free selection eggs and that its products are actually free from ar tificial colours and flavorings.
Other, even more innovative, tips have included a joint venture with Oxfam to promote the recycling of old clothes. In addition , even more controversially, the retailer presented a 5p charge pertaining to carrier bags at all of its food depar tments in 2008. Although many customers resented this charge, they have undoubtedly increased M&S’ status as a great ethical store. Overall, toning its CSR strategy into such a high publicity marketing campaign, divided into such clear action points and highly obvious benefits, features seen the corporation move to the forefront of responsible selling. In FY2011, the company launched Indigo Green, its initially range of apparel made applying more lasting fabrics.
In April 2012, the company released to accept old clothes at all the UK stores except Basically Food retailers, to recycle them in other fabric or to reuse them in order to cut waste materials. Plan A has found CSR become core to M; S’ principles inside the eyes with the consumer and it has reaped the benefits of this kind of, gaining customers as a result and repor tedly saving a lot more than? 70 million (approximately $108. 9 million) in efficiencies gained in FY2011 compared to?
50 million (approximately $77. 8 million) in FY2010. In addition , M&S improved strength efficiency in the stores by simply 23% and warehouses by 24% in FY2011 in comparison to FY2007. Additionally, it improved the fuel effectiveness of it is deliver con fleets by 20% and total carbon dioxide emissions have already been reduced by 13%. The business now recycles 94% of all waste this generates from the stores, offices and facilities.
The total waste materials is straight down by higher than a third. M&S also fulfilled its lasting standards by simply sourcing 90% of crazy fish in FY2011 (62% in FY2010) and 76% of wooden in FY2011 (72% in FY2010). Markings and Bradzino Group plc © MarketLine Page 20 Marks and Spencer Group plc SWOT Analysis Simply by actively endorsing a product’s greener attributes (for model fewer, even more recognizable and natural ingredients), retailers such as M; S i9000 have positioned products while improving one’s personal environment while benefiting the global environment too.
Many of their success have come by emphasizing the former rather than the last mentioned, especially since consumers typically associate integrity with a impression of wellbeing. In terms of the problems that matter consumers, the sustainability of natural solutions is a significant fear, as are climate modify and the justness of sourcing arrangements. Individuals are also attracted to products with health benefits and a clear trend that customers can be persuaded to par t with more money in return for products with a impact, not just to them privately, but likewise to wider society.
Without a doubt, differentiating between products turns into harder and harder to achieve, Verdict desires consumers to go to auxiliary concerns such as ethicality and durability to guide their choices. Consumers are no longer simply satisfied with how a product appears and features; they want assurances over aspects such as nvironmental impact, health, safety, and fairness. In light of the above mentioned trends in which the customer alternatives are increasingly guided by sustainability problems, M&S will benefit because of its reputation of as being a responsible dealer.
Weaknesses M&S legacy stores and systems are a competitive disadvantage M&S suffers a few competitive cons compared to Tesco, which has been in a position to drive revenue before interest and duty (EBIT) growth even in the mature UK market. Tesco benefits from provider power and state-of-the-ar big t IT, source chain and systems in comparison with M&S legacy systems. The supermarket merchant has been able to break up the need cur ve with community, express and massive box shop formats on vacation and on the high street.
In addition, Tesco shops have been thoroughly designed with regular store designs in order to help store course-plotting. Extra again room store space is allocated to enable smooth delivery of their picking and distribution model. Tesco offers both personal label and branded merchandise (food and non-food ) in a bet to drive up footfall and sales conversion. M&S legacy stores happen to be inconsistent regarding layout. Shop size is likely to dictate item availability, when a lack of again room retail outlet space would not facilitate precisely the same style supermarket pick and delivery style.
The legacy systems and stores of M&S are constraining powerful servicing of customer demands on a consistent basis. This really is placing the company at a competitive disadvantage compared to a formidable opponent, Tesco. Decreasing general merchandise division revenue due to limited stocking The company’s general merchandise division sales rejected in recent times, M&S’ general products division product sales decreased simply by 2 . % in the several th quar ter of FY2012 concluded March 2012.
This was generally due to shor tage of stock in its stores, Due to this, the company was also not able to meet consumer demand for three hundred, 000 knitwear garments within the M&S Female label. It only distributed Marks and Spencer Group plc © MarketLine Page 21 Represents and Gradzino Group plc SWOT Examination 100, 000 knitwear clothing during this period. Pelt ther, in times of high demand, inadequate stock can hamper the sales from the division and result in decrease of sales to competitors. Not only does this affects the revenues with the company but could also cause shift of shoppers to it is competitors. Chances Online channel continues to increase and will permit M&S to increase revenues Online retail revenue in the UK have grown significantly over a period of time.
According to Workplace for Nationwide Statistics, non-seasonally adjusted typical weekly benefit for internet retail sales in the UK was? 414 million (approximately $644. 3 million) in Februar y 2010, this elevated to?
573. 6 mil (approximately $892. 7 million) in Feb 2012, symbolizing an increase of 18%. Internet sales accounted for only 8% of the total retail revenue (excluding fuel) in Februar y 2010. This determine increased to 10.
7% in February 2012. The growing desire to have convenience is seeing shoppers buy more online, especially in the category of food and grocery. Consumers also have become savvier, using the internet even more to get the best deal they can.
Discount codes, and procuring sites had been instrumental from this. Additionally , superior deliver sumado a and fulfillment options have already been encouraging customers to shop more online. The company operates in the internet channel through M&S Immediate where the products are offered through website and newly released ‘Shop Your Way’ center, a new purchasing service which was rolled-out in 444 retailers (including 151 in Merely Foods stores) during FY2011, allowing consumers to place requests either in stores, online or over the phone, for deliver sumado a to either a nominated treat or totally free to their nearest store.
M&S Direct’s sales increased coming from? 413 mil (approximately $642. 8 million) in FY2010 to? 543 million (approximately $845. million) in FY2011, an increase of 31. 5%.
Fur ther, in the first half of FY2012, M&S Direct’s sales increased by 14. 7% with more than three , 000, 000 visitors a week. Thus, simply by leveraging its online occurrence, M&S can cater to the requirements of a growing number of clients who are looking for convenience and better discounts over the internet.
Focus on China and India can result in expansion in two of the fastest developing markets Cina and India are two economies that are recording highest growth costs which, subsequently, are expected to help the retail market growth in these two countries. Asia’s full sales happen to be estimated to increase with Chinese suppliers driving the growth. According to the first estimation, the gross household product (GDP) of Chinese suppliers was CNY47, 156. four billion ($7, 285. several billion) in 2011, a year-on-year increase of 9. 2% at comparable prices. The fast pace financial development in China coupled with the surge of the central class income group and the increasing throw-away income have fur ther pushed in the demand for many consumer products.
According to National Bureau of Statistics of China and tiawan, the total price tag sales reached CNY18, 391. 9 billion (approximately $2, 841. billion) in 2011, addressing a year-on-year nominal growth rate of 17. 1%.
Fur ther, according to industr sumado a estimates, the countr y’s total price tag sales are required to increase via approximately CNY20 trillion ($3 trillion) news to about CNY26 trillion ($4 trillion) in 2016, representing a growth of about thirty percent. Strong Signifies and Bradzino Group plc © MarketLine Page 22 Marks and Spencer Group plc SWOT Analysis actual economic trends, population expansion and the raising wealth of persons are key factors that contribute to the retail market growth in China. The price tag industry in India is large because of a large populace and is set to grow because several elements contribute. According to the industry resources, the retail sales in India will be forecast to grow coming from around $411 billion in 2011 to $804 billion by 2015.
The main element factors behind the forecast progress include solid underlying monetary growth, populace expansion, increasing wealth of individuals and the speedy construction of organized full infrastructure. Likewise, as middle and upper class consumer basic expands, people also be oppor tunities in India’s second and third-tier cities. More suitable availability of personal credit and a growing motor vehicle population are to improve mobility which will also contribute to a trend to retail product sales growth.
Meters; S is strengthening presence in India and Cina as doble t of its geographic expansion as well as for some time to come, these countries is the key contributing factors to the company’s international expansion strategies. The organization in with similar tnership with Reliance Selling, an established retailer in India, can tap into this profitable market whilst expansion in China as well continues. Of india and Chinese markets would provide a huge revenue base for M&S. Dangers Surge in shoplifting losses costs the retailers and customers Great britain retailers experience increased costs of shoplifting.
Shoplifting features assumed substantial propor tions in recent times. In respect to industry estimates, full crime costed UK shops? 1 . 5 billion ($2. 2 billion) in 2011. You will discover about two million thefts per year, which usually concludes for an average of more than one per minute.
According to another industr sumado a repor t, the thefts across the UK stores improved from? four. 2 million ($6. five million) last season to? a few. 1 mil ($7. on the lookout for million) this summer, an increase of 20%. Long-term trends likewise show the determine is likely to continue rising.
Consequently, retailers have already been increasing all their surveillance dedicate. This is increasing the costs for retailers and with the end customers. The shoplifting losses happen to be adding to the cost for the retailers and the customers are also bearing the brunt. The surge in shoplifting could negatively effects the cost framework for M&S as well. Weak consumer spending in the UK Great britain market is suffering from weak buyer spending.
The European personal debt crisis added more downward pressure to the growth potential customers of the UK. According to Eurostat, great britain economy grew by zero. 7% this summer and is supposed to grow simply by 0. 5% in 2012. In addition , the UK provides witnessed substantial unemployment level.
According to the Office of Countrywide Statistics, the unemployment price for three months period November 2011 to January 2012 was 8. 4% with installment payments on your 67 mil unemployed persons in the UK. Increasing unemployment charge is anticipated to fur ther put pressure on the economic system of the UK. High inflation, led by increase in VAT to 20% and open public spending reductions reduced non reusable Marks and Spencer Group plc MarketLine Page 23 Marks and Spencer Group plc SWOT Analysis profits, leading to a fall in buyer spending on discretionary items. Buyers have been cautious with their spending especially due to soaring petrol prices, duty increases and uncer tainty over jobs.
The UK is vital market to get M&S. In FY2011, the UK accounted for fifth there�s 89. 7% of M&S’ total revenues.
Thus, the lethargic consumer spending and high unemployment price in the UK could affect a lot of the nonfood stores and cause reduced revenue volume or shrinking income. Rising labor cost in the UK Labor costs are rising in the UK. Recently, tight labor markets, elevated over time, authorities mandated increases in bare minimum wages and a higher propor tion of full-time workers are leading to an increase in labor costs, which could materially impact the company’s results of operation. The National Minimal Wage (NMW) Regulations came into force in 1999 and since then your NMW rates have been increased annually.
The national lowest wage elevated from? your five. 93 hourly ($9. twenty three per hour) in Oct 2010 to? 6. ’08 per hour ($9. 46 per hour) in October 2011. Fur ther, the national minimum salary is likely to increase to?
6. 19 per hour (9. 63 every hour) coming from October 2012. In FY2011, M&S employed 78, 169 people.
Elevating labor costs can adversely affect the company’s operating costs as its income bills could escalate. This, in turn, can impact the margins adversely. Marks and Spencer Group plc © MarketLine Page 24 Marks and Spencer Group plc Top Opponents TOP COMPETITION The following businesses are the major competitors of Markings and Spencer Group plc ASDA Group Limited Debenhams plc They would; M Hennes; Mauritz STOMACH J Sainsbury plc NEXT plc Selfridges plc Sainsbury PLC Space, Inc., The French Connection Group Plc Property of Fraser Group Plc John Lewis Par tnership plc Arcadia Group Limited Home Price tag Group Plc Marks and Spencer Group plc © MarketLine Page 25 Represents and Spencer Group plc Company View COMPANY WATCH A statement by Rober to Swannell, the Chairman of the Board for Marks and Spencer Group, is given under.
The assertion has been taken from the company’s Annual Repor t for FY2011. I believe ver sumado a privileged to be Chairman of this unique business and at this kind of exciting amount of time in our evolution. Since signing up for Marks; Bradzino in October and assuming the role of Chairman in Januar y, I’ve spent a lot of my time getting to know the business better – meeting the employees, investors, customers and suppliers.
My spouse and i first started to be deeply associated with M; T during the unrequested takeover attempt in 2005, when I led the advisory team that helped position the M; H case to its investors. It was i then learned quality about this unique company: about the very strong relationship it has with its many stakeholders and about its very unique ethos. This ethos is a result of the excessive standards the customers anticipate from Meters; S – trusting all of us not only to deliver great value, great quality products nevertheless also to do the right factor – socially, environmentally and ethically.
We can say that putting Plan A at the hear t of how all of us do business is not just the right thing to do; it is also primary to our long-term success. Functionality In a demanding marketplace Meters; S has continued to grow, with underlying profits up doze. 9% on the year. We delivered this kind of by staying true to each of our heritage of quality and innovation, reminding our clients what makes M; S exceptional. This year Marc Bolland define a clear medium-term plan for the organization, after considerable discussions with colleagues and us, the Board.
This is covered in detail in Marc’s review. By day one, I’ve been struck by the passion and commitment of our people. I actually am pleased that this season we are having to pay a bonus to any or all employees to thank these people for their strength and passion in what is a difficult trading environment. Gross We are dedicated to delivering constant returns intended for our shareholders. To this end we have used a accelerating dividend plan, with returns broadly protected twice by earnings.
All of us intend to pay a final gross of 15. 8p every share (last year 9. 5p) in respect of the 2010/11 financial 12 months. Governance Represents and Spencer Group plc © MarketLine Page 21 Marks and Spencer Group plc Organization View This coming year we delivered to the traditional governance structure of a separate Chairman and Chief Executive, providing clarity among Marc Bolland and me, with regard to our respective tasks.
Put simply, I run the Board and Marc operates the business. The Board contains a wide range of responsibilities. There are three that I believe are equiparable ticularly impor tant to get the success of the business: first, to debate and agree each of our strategy and hold the executive team in charge of its performance; second, to ensure we have the most talented crew to execute this strategy and that we program effectively intended for succession; and third, to put the tone for governance, which is similar ticularly impor tant at M; H where ‘doing the right thing’ is an important par to of our cast.
My durch is to make sure the Board has the perfect blend of expertise and abilities and to ensure that it works efficiently as a team toward shared desired goals with the right mixture of enquir sumado a and suppor t from the executive directors from the nonexecutive directors. During the year we entrusted a formal Plank evaluation via an independent advisor, the conclusions of which are outlined in the Governance section. This process featured the real eagerness of the company directors in assist ting a shared aspirations: to guide M; S towards the ver con best future.
We know that you anticipate high standards from Meters; S; it’s our responsibility to learn how we can improve. This assessment was an impor tant par to of that journey. As stated in our 2009/10 Gross annual Repor big t, we analyzed the older remuneration framework this year.
Pursuing extensive aktionar consultation, we feel we now have a framework that is both highly relevant to today’s Meters; S and fully in-line with our technique. The Board Over the last year the Board has been increased by a series of executive sessions. In May 2010 Marc Bolland joined the company as Chief Executive, assuming the day-to-day working of the business from Sir Stuar t Rose in July.
In October Joe Stewar capital t joined while Chief Financing Officer and in February all of us announced the appointment of Laura Wade-Gery as Professional Director, Multi-channel E-commerce; she’ll join the Board in July. Although the Table features new faces, these types of changes took place in regards to core of executive and nonexecutive directors that has remained stable more than recent years. I want to shell out par ticular tribute to Sir Stuar t Went up.
When he became Chief Executive in 2004, Meters; S was at a low ebb. He renewed confidence in M; S, re-established it is values and built a very good business. The solid system from which Marc is now putting into action his strategy is a credit to Stuar t’s strength and endless commitment to M; H over the last several years.
The smooth management transition – the meticulous handover to me as well as the suppor t of Marc – is also a credit rating to Stuar t. In this connection, I would personally also like to thank Friend David Michels, and the Nominations; Governance Panel he led, for managing a change of leadership over the past year that was completed quietly and effectively. David has chosen to step straight down from the Table at the end of his second term in February 2012, but I actually am pleased that he will probably continue his role since Deputy Chairman until after that.
Marks and Spencer Group plc © MarketLine Webpage 27 Signifies and Gradzino Group plc Company Look at I must as well thank Louise Patten to get the significant contribution she has made over the last five years, playing an impor tant part in your Board Committees. As Louise reaches the conclusion of her second 3 year term on the Board, she has didn’t seek re-election at the future AGM. Looking ahead Our priorities pertaining to the year in advance are crystal clear. We have an agenda and it is at this point our group job to generate it happen.
The Panel will focus on delivering exemplary governance at the highest level to enable each of our executive crew to drive this plan forward. The economy still gives us purpose to be cautious. Yet in difficult instances, our main values of Quality, Value, Ser vice, Innovation and Trust subject more than ever to M; T customers.
These values stay at the hear t of your strategy and i also therefore look forward to the future with full confidence. Marks and Spencer Group plc © MarketLine Web page 28 Represents and Spencer Group plc Locations and Subsidiaries SPOTS AND SUBSIDIARIES Head Office Signifies and Bradzino Group plc Waterside Property 35 Neither th River Road Greater london W2 1NW GBR S: 44 20 7935 4422 http://www. marksandspencer. com Various other Locations and Subsidiaries Markings and Bradzino International Coalition Limited Great Britain GBR Represents and Gradzino (Nederland) BACTERIAL VAGINOSIS NLD Represents and Spencer (Ireland) Limited IRL Represents and Gradzino (Asia Pacific) Limited HKG Marks and Spencer Simply Foods Limited Great Britain GBR Marks and Spencer Marinopoulos Greece SA GRC Marks and Spencer SCM Limited
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