New M&S chairman Archie Norman could be at odds with the its senior management as it works to turn around fashion business. CEO Steve Rowe has vowed to get back to the core customer.
But Norman believes too much of the fashion they make is aimed at the 55-plus age group. The company needs to target women in their 30s and 40s too. Moreover, the company’s entry price fashion pieces need to be cheaper and have a more fashionable edge and that the buying cycle for fashion is too long.
Norman is expected to shake up the businesses. He is known as a troubleshooter/turnaround specialist (having done just that at Asda, Australia’s Coles and broadcaster ITV). But he’s non-executive chairman at M&S and so doesn’t have direct managerial responsibility, although he’s a voice that will clearly be listened to.
There has also been speculation he may want to push through closures of under-performing stores more quickly than the company has been planning. He reportedly also wants to change the head office culture to allow for faster decision-making by managers. The company’s profits for the latest half are expected to be down nine to ten per cent.