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Archie Norman, chairman of Marks & Spencer (M&S), recently disclosed the company's objective of becoming a "global brand" and alluded to future foreign expansion.
"We would like Marks & Spencer to be here for another 100 years, but to do that it has got to become a global brand," stated Archie Norman, chairman of the company.
Norman made the observation that this kind of strategy will most likely follow its present turnaround phase, which seems to be beginning to provide results.
In the first half of 2023, pre-tax profits increased to 360.2 million pounds for the corporation as like-for-like sales improved by 5.5 percent and clothes and house sales increased by 5.7 percent. Pre-tax profits rose to 360.2 million pounds for the company in the first half of 2023, as sales of clothing and houses jumped by 5.7 percent and like-for-like sales improved by 5.5 percent.
In the interim, its foreign sales climbed by 11% to 1.1 billion pounds, with 25% of this revenue coming from the Republic of Ireland.
The two biggest markets for the product were found to be Europe and India. These markets are handled by partnering retailers, many of whom receive assistance from a recently formed distribution center in Croatia.
However, come a few years after Marks & Spencer's most recent attempt—a business that had not previously proven successful—to create an overseas presence, Norman's comments.
In 2016, Marks & Spencer made the decision to buy Brooks Brothers in the US and leave roughly ten other countries as a result of low sales at some of its flagship locations.
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