Marks & Spencer has said it can grow its fashion and homeware business further on the back of strong online momentum, as bosses hailed “the beginnings of a new M&S”.
The high street stalwart has seen sales bounce higher over the past year amid the continued revival of its clothing arm.
Amid the launch of its latest Autumn/Winter collection, M&S clothing and home managing director Richard Price said the perception of its style and quality has improved among shoppers in recent years but believes there is still potential for further growth.
He told reporters the brand is hoping investment in its app, online personalisation and its Sparks loyalty programme will help keep positive sales momentum.
Mr Price said: “We are over two years into our programme for growth and we can really start to see the beginnings of a new M&S.
“Online sales are growing ahead of the market and ahead of stores. It’s driven by better product and much more effective branded social marketing.
“We continue to grow our style perceptions and are getting stronger from a value and quality perception as well.”
The company has pushed forward with its Reshape for Growth transformation strategy under chief executive Stuart Machin.
Shares in M&S have more than doubled over the period, particularly boosted by a return to robust growth across its clothing and home business.
The clothing and home business saw sales grow by 5.2% in the year to March, helping to support a 58% rise in profits.
It is aiming to grow its share of the UK clothing and home market by a further one percentage point in the coming years.
Mr Price said the group has seen a strong reception for its womenswear lines in recent months, with its market share of the women’s clothing sector at its highest level for nine years.
He added that lingerie has “just over 25% market share, 40% of the bra market and that continues to grow”.
The fashion boss said it was “pretty tough navigating the summer” for a number of reasons, with the retailer highlighting strong sales of knitwear and outerwear as damp weather affected trading.
M&S has said its latest collection is aiming for an “elevated fashion aesthetic” designed to help customers re-energise their wardrobes.
Anna Braithwaite, M&S clothing and home marketing director said: “As we move into autumn, that vibrant buzz and high energy associated with summer can start to ebb and many of us relax into a quieter mindset – but not at M&S.
“Our autumn campaign is all about embracing Big Autumn Energy and channelling a larger-than-life you, ready to take on the new season with confidence and style.”
