Marks and Spencer Chief Executive, Marc Bolland is to step down in April after six years in the role, the company has said. Bolland will be succeeded by Steve Rowe, Executive Director of General Merchandise.
Marc Bolland CEO Marks & Spencer.
Meanwhile, third-quarter sales of general merchandise were down by 5.8% for the thirteen weeks to 26 December. But M&S said it had an “excellent quarter” for food, with record sales in the Christmas week.
There was no pressure from shareholders or the board for Bolland to leave, Marks and Spencer Chairman Robert Swannell said on a conference call with reporters. “There has been absolutely no pressure at all on Marc [to leave],” Swannell said, adding that succession planning had been “rigorous”. Succession planning had not been done “quickly on the back of an envelope”, but instead had been planned “for years”, Swannell said.
In Marks and Spencer’s third quarter, the firm said its general merchandise sales, which include clothing, were “disappointing”. The drop in sales was put down to “unseasonal conditions and availability”. Retailers such as Next also blamed unseasonably warm weather in December for disappointing sales. However, food sales for Marks and Spencer were up 0.4% in the third quarter, and the retailer said it had record sales in the Christmas week.
Meanwhile in other Luxury Brands’ news
Jaden Smith, the son of renowned Hollywood actor Will Smith, wins a deal with Louis Vuitton for the brand’s Spring and Summer 2016 campaign.
In one of the campaign photos released by Nicolas Ghesquière, the brand’s artistic director, Smith is seen posing alongside Rianne Van Rompaey, Jean Campbell, and Sarah Brannon.
The image has a Series 4 impression on it. Through an Instagram post, Ghesquière revealed that Smith has been selected as the brand’s face for Spring/Summer 2016 brand campaign.
Smith was on the news several times in 2015 for wearing dresses or skirts, but it appeared like he wasn’t earning something out of that. It’s now clear that 2016 is going to be the year that he makes a kill out of it.
The Louis Vuitton’s deal will see the youngster appear in the brand’s women collection.
Because of his controversial dressing style, he has been widely criticized, with some even going as far as questioning his sexuality.Earlier this year, Smith set the stage when he showed up for his prom wearing a white skirt but he never appears bothered by critics. In one of his social media posts, he took a shot at critics, posting a photo of showing him wearing a skirt with the message: “Went To TopShop To Buy Some Girl Clothes, I Mean ‘Clothes’.”
In another revelation last week, Louis Vuitton revealed its casting selection for its previous campaign. The brand chose Lightning, a character drawn from the Final Fantasy game. The choice has been hailed for its direct connection to the label’s inspiration that stems from science fiction, computer culture, and anime.
Smith’s image alongside the three other girls in the new marketing efforts is just a teaser of what’s to come. As soon as the campaign is in full gear, it’s expected that the brand will roll out much more. So, even as people complain about Smith’s dress code, he has over and again said that it all depends on his inner feelings for any particular day. “I’m just expressing how I feel inside, which is really no particular way because everyday it changes how I feel about the world and myself,” he said.
Besides his new opening, Smith is also expected to feature in an upcoming movie, Karate Kid 2, in which he’ll appear alongside legendary actor Jackie Chan.
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