Some high-profile models may be the first victims of Marks & Spencer’s (M&S’s) slump in profits, as the retailer reviews its marketing strategies.
In a bid to save money next year, M&S said that it will cut its £145m budget by 20%, with marketing director Steven Sharp refusing to rule out changes.
Yesterday the high-street retailer reported a 34% drop in profits for the 26 weeks until the end of September, with food sales down by 5.7%.
Sharp said the company has “lots of options” but at the moment is just waiting to see what will happen in the run-up to Christmas.
Chairman Sir Stuart Rose maintained an optimistic attitude and said the situation is not “that bad”.
“We have a very strong brand, a robust plan and strategy to make sure we don’t fall down a hole,” he commented.
Jessica Price-Brown from Drapers Record told the Times the company’s marketing campaigns have now been copied by competitors and it needs to change.
M&S counts names such as Lily Cole, Twiggy and Myleene Klass in its roster of clothing models.
Rose said yesterday the company will be cutting the price of 10% of its food range.
