// M&S to trim its formal tailoring offering
// Sales of ties fell almost 6%
Marks & Spencer has said it will reduce its formal tailoring offering as its casual workwear sales continue to decline.
The bellwether retailer said the sales of ties fell nearly six per cent while sales of blazers and formal jackets fell by 10 per cent year on year.
The decline has led the retailer into trimming down its formalwear range, The Guardian reported.
- M&S: Turnaround of clothing division “behind schedule”
- M&S poaches Morrisons’ operations exec as store director
Meanwhile, Kantar Worldpanel found that since 2015, over £100 million has been wiped off annual suit sales.
In the year ended August 31, British men spent £393 million on suits and paid an average of just £102 for each purchase.
Last week, M&S told analysts and brokers that “progress is behind schedule” by a year and a half for the turnaround of its embattled clothing and home business.
To add to its woes, the struggling retailer was booted off the FTSE 100 last month for the first time since the index was introduced 35 years ago, after its stock market value fell below the threshold for inclusion.