Formalwear sales of London-based multinational retailer Marks & Spencer (M&S) in its brick-and-mortar stores slumped by 72 per cent in the year to April 2021 while its online sales declined by 15 per cent. M&S also sold only 2 million men’s suits in the year to July, compared to 4.3 million suits sold in the same period back in 2017.
On the contrary, sales of causalwear, rose by an impressive 61 per cent during the period. The brand has therefore limited its sale of men’s suit to only 110 per cent of its large stores.
The brand is trying to help shoppers in buying men’s suits and has also launched digital video consultations for the benefit of customers. More on this, Wes Taylor, Director, M&S menswear, affirms, the brand aims to be go-to for a great suit whatever the occasion.
M&S was founded in 1884 and generated revenue of £10,181.9 million in 2020.
