// M&S drafts in Tesco F&F Clothing CEO Richard Price as managing director for clothing & home
// Price will join M&S next year
// He first joined M&S in 2005 as trading director
Marks and Spencer has revealed that the current chief executive of F&F Clothing at Big 4 grocer Tesco, Richard Price has been appointed to the role of managing director for clothing and home.
Price will join M&S next year and a start date “will be confirmed in due course”.
In September, the struggling retailer saw its half-year profits slump by 17 per cent thanks to a “challenging” period for its clothing and home division.
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Half-year revenue in clothing and home dropped by 7.8 per cent as like-for-like sales dropped 5.5 per cent on the back of issues around product availability.
M&S hopes to bolster its business, particularly the clothing & home division, with Price’s appointment.
Price first joined M&S in 2005 as trading director, but stepped down in 2012 because it “was drifting in the wrong direction”.
He was also the managing director of collapsed department store chain BHS, from 2012 to 2015.
Price took the helm of Tesco’ F&F clothing division in 2015.
“Richard’s career spans some of the UK’s top clothing brands and he has a proven track record of delivering growth through stylish, great value product,” M&S chief executive Steve Rowe said.
“We are building a team of world class talent in Clothing & Home and, with Richard coming on board, I am confident that the speed and scale of the transformation of the business will accelerate.”
Price added: “Marks & Spencer Clothing & Home is a great business which still has strong brand affection and huge potential.
“I left the business because I felt it was drifting in the wrong direction but now feel we have a real chance to make it special again. The new team has already started to improve product and value and I am looking forward to working with them.”