Marks and
Spencer is a high-street retailer with over 450 UK stores. It specializes in
stylish, high quality, great value clothing and home products, as well as high
quality foods. The company employs 65, 000 people and operates a successful
international business through 150 stores worldwide, including 130 franchise
businesses operated in 30 countries.
Marks and
Spencer has become one of the most recognized brands both in the UK and
overseas. For many years it has been an example of an efficiently managed
company with remarkable annual growth. However, a decline in profits, market
share and stakeholder confidence were noticed in the late 1990’s.
Since
1998, when the first evidence of crisis occurred, many efforts have been made
to re-establish the company’s damaged image. With the appointment of Luc Vandevelde as the new chairman in January 2000, the company
registered some progress; however it has not regained its market position.
