Marks & Spencer (M&S) is launching significant price reductions in its international stores as part of a bold strategy to revitalise its overseas business.
Highlighting markets like Singapore, where M&S prices often exceed competitors’ by over double, CEO Stuart Machin emphasised the urgent need to close the pricing gap, calling it critical to the brand’s survival in fiercely competitive global markets.
The initiative will focus on delivering better value to customers while diversifying product offerings. To support this, Machin plans to renegotiate franchise agreements, reducing risks for partners and encouraging experimentation with new products and trends.
M&S is also testing strategies such as faster stock replenishment and innovative product launches to strengthen its international influence. The recent appointment of Mark Lemming as Managing Director of International underscores the retailer’s commitment to expanding its global footprint. With 434 international stores, including 264 run by franchise partners, the company is poised for a significant overhaul of its overseas operations.
By focusing on price competitiveness, product innovation, and supply chain efficiency, M&S aims to regain market share and achieve sustainable growth in the highly competitive global retail sector.
Earlier this year, Marks & Spencer announced a series of investments through its Plan A Accelerator Fund, aiming to achieve net zero across its operations and entire value chain by 2040. Leveraging its strong supplier partnerships and commitment to innovation, the brand is well-positioned to drive significant change through collaboration.
“By turning our obsession with innovation towards climate change and tapping into the entrepreneurial spirit of our suppliers, we can turbocharge our drive to be a Net Zero business across all our operations and entire supply chain by 2040. I’m excited by the big difference these small changes could make to some of the toughest climate challenges we face,” commented Stuart Machin, M&S CEO.
