Marks & Spencer

Marks and Spencer p.l.c. (abbreviated to M&S and colloquially known as Marks & Sparks or Marks) is a major British multinational retailer based in London, England, that specialises in selling clothing, beauty products, home products and food products. It is listed on the London Stock Exchange (LSE) and is a constituent of the FTSE 100 Index. M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds. Through its television advertising it asserts the exclusive nature and luxury of its food and beverages. It also offers an online food delivery service through a joint venture with Ocado. In 1980, M&S became the first British supermarket chain to sell packaged sandwiches. In 1998, M&S became the first British retailer to make a pre-tax profit of more than £1 billion, although it then went into a sudden slump, taking the company and its stakeholders by surprise. In November 2008, the company began to sell branded goods such as Kellogg's corn flakes. In November 2009, it was announced that Marc Bolland, formerly of Morrisons, would take over as chief executive from executive chairman Sir Stuart Rose. In the early 21st century, clothing sales fell, while food sales increased, after M&S dropped its traditional St. Michael brand. On 22 May 2018, M&S announced that it would close more than 100 stores by 2022 in a "radical" plan. It cut 7,000 jobs in 2020, owing to the COVID-19 pandemic. In May 2021, M&S announced plans to close another 30 shops over the next 10 years as part of its turnaround plan. In its 2024 results, the company stated that it was aiming at reducing locations to 180 full-line and 420 food stores in the UK, saying legacy stores were more expensive to operate.