Thursday, July 12, 2012

Bostock quits as M&S clothing suffers

The retailer confirmed the departure of Kate Bostock, who will be succeeded by John Dixon as head of the non-food division. Mr Dixon, currently head of M&S's food operations, was a candidate to become chief executive when Marc Bolland was appointed two-and-a-half years ago.Clothing and homewares from stores open at least a year fell 6.8 per cent in the first quarter, the weakest since the 2008-2009 financial year, M&S said. UK like-for-like food sales rose 0.6 per cent for the three months to the end of June.

Mr Bolland laid part of the blame for disappointing clothes sales on the wet weather, though he also pointed to stock shortage problems.C'est l'heure de boucler les valises pour Londres. In contrast, online rival Asos reported year-on-year UK sales growth of 8 per cent for the same period.Belinda Earl, ex-chief executive of Debenhams and Jaeger, will join as style director, working two to three days a week. But some retailers and analysts questioned whether she had the right skills to revive M&S's womenswear, particularly on a part-time basis.

Ms Bostock, who will pursue "other interests", according to the company, has been courted by Asos but could take some time off after she leaves on October 1. The Financial Times reported 10 days ago that she was stepping down.Mr Dixon's appointment as director for general merchandise will give him the clothing experience required to cement his position as heir apparent to Mr Bolland.Steve Rowe, director of retail, will take over from Mr Dixon in the food division.

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