Revival of Demand for Formal Wear Boosts M&S's Profits, as the Brand Shifts Focus Towards Attracting a Younger Audience
Marks & Spencer (M&S) has made a significant stride in the fashion industry, beating rival Zara for the first time in a survey among women. Shoppers now rate M&S as more fashionable than Zara, marking a notable shift in consumer preferences.
This triumph comes as a contrast to the 'great resignation' trend that occurred during the pandemic, where many workers opted to leave their jobs. However, in the case of M&S, it seems that both customers and employees are choosing to stay.
M&S's success is not limited to its women's fashion line. The retailer has also seen growth in the men's formalwear category, with sales of suits increasing by 8% over the past year. M&S now sells more than half a million smart and final suits annually, a testament to its growing popularity among male consumers.
To appeal to a younger demographic, M&S has enlisted celebrity ambassadors such as Spencer Matthews and Ian Wright to provide style advice online. The retailer has also recruited model David Gandy as its ambassador of tailoring and the face of a future Jaeger campaign.
In a bid to make formalwear more accessible and modern, M&S has introduced a new range of machine washable suits and smart trousers, available in various fits including 'skinny' and 'relaxed'. This shift towards more smart-casual, versatile dressing is reflected in the preferences of consumers, who are now more likely to want to pair a smart blazer and trousers with a more casual T-shirt and trainers.
M&S's mission to shake off a reputation for 'dowdy' clothes began in 2021, when it started tracking its style perceptions with surveys. This is Money's editorial team chose several investing platforms—among us, AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212—as they believe they are worth highlighting. Each platform offers a 'Learn More' option for further information.
However, the name of the model selected by M&S for its Tailoring campaign remains undisclosed. Despite this, M&S has grown its share of the men's suits market from 14.2% last year to 19.4% in the year to April 2025, achieving its highest-ever 'style ranking' with shoppers aged 18-34, according to the same YouGov survey.
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As costs rise for some firms, leading to mass redundancies, workers are described as trying to cling onto their jobs in 'the great stay'. However, it seems that M&S is bucking this trend, with both its fashion offerings and investment platforms continuing to attract customers and investors alike.
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