M&S profits soar after revival in men’s suits pulls in more shoppers in their 20s and 30s
A REVIVAL in men’s suits has helped Marks & Spencer fashion a dramatic comeback.
Its profits jumped by a fifth as both food and clothing sales rose.
Boss Stuart Machin said 670,000 new shoppers had been tempted by its menswear ranges, as advertised by Mark Wright and Spencer Matthews, over the past six weeks.
He reported it had sold one million suits so far this year as more workers returned to offices after the pandemic and wanted a smarter look.
And he claimed the average age of its menswear customers had fallen by a decade as it was now winning more shoppers in their mid-20s and 30s.
He said: “Our menswear is getting better. I was wearing our £60 sell-out bomber jacket at the weekend and a friend thought it was Prada.
The chief exec, wearing head-to-toe M&S gear including Supima briefs, said it had been working on becoming more stylish.
Mr Machin, 54, added: “I wear my suit straight off the rack and, I shouldn’t say this, but former CEOs used to have theirs altered.”
Despite half-year profits of £391.9million, Mr Machin warned the high street giant faced a £120million hit from increased National Insurance and the minimum wage rise.
However, he said he had no intention of putting up prices.