UK retailer Marks & Spencer said on Thursday that the boss of its clothing division and a key player in the company’s recent revival Richard Price is leaving to pursue a portfolio career, which involves several roles.
M&S said Price would be succeeded by John Lyttle, the former boss of online fashion retailer Boohoo and budget clothing retailer Primark.
Lyttle will join the company on 3 March, and Price will then leave on 30 April.
Shares in M&S were down 1%, paring year-on-year gains to 47%.
After over a decade of failed revival efforts, M&S – which also sells food – is reaping the rewards of a costly programme to improve the value and quality of its products, overhaul its store estate, upgrade its technology and e-commerce operations and modernise its supply chain.
Price has been the managing director of clothing, home and beauty since 2020.
Speaking about the exit, CEO of M&S Stuart Machin said, “Thanks to Richard’s leadership, the Clothing, Home & Beauty business is now on a much stronger footing with improved product.
“Style perceptions have increased consistently and our lead on quality and value has extended, driving growth in sales and market share.”
Lyttle left Boohoo in October after a difficult five years at the group.
It struggled after the pandemic, hurt by supply chain problems, higher product returns and competition from rivals such as Shein and Temu.
Machin said Lyttle’s task was to further improve M&S’s sourcing, planning and logistics and develop a truly omnichannel business.
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