Marks & Spencer CEO looking for acquisitions but has yet to inform board; not interested in Jaeger
Marks & Spencer [LON:MKS] chief executive Marc Bolland is looking at possible acquisitions, the Financial Times reported. The newspaper cited two people familiar with the situation who said Bolland has been looking at specialist fashion retailers.
The people named the fashion and homewares retailer The White Company as one potential target for M&S.
M&S has previously considered buying the clothing retailer Jaeger, the article said. However, M&S is not interested in buying Jaeger despite the retailer’s owner Better Capital’s attempts to persuade M&S to enter an auction, according to the report.
A Sky News report on 8 October said Better Capital had hired the investment bank AlixPartners to advise on talks with potential buyers for Jaeger.
The FT article cited people close to the situation, who said Bolland wants to create a portfolio of brands, but has yet to put his ideas to the M&S board. The people added that the board is unlikely to back Bolland’s plan, as the retailer has only recently launched an initiative to increase clothing sales under Steve Rowe, who is in charge of M&S’ home furnishings and clothing.
M&S refused to comment, the item said.
M&S’ market capitalisation stood at GBP 8.40bn (EUR 11.77bn) at the close of trading in London on Friday, 30 October.
Financial Times, previously reported intelligence