Marks and Spencer 2008 Annual Report Download - page 14

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12 MARKS AND SPENCER GROUP PLC
In lingerie, the continual introduction of
innovative products in an extended range
of sizes, as well as better segmentation of
our brands, helped us stay at number one
with 24.8% value market share and 17.9%
volume market share.
An easier way to shop
In 2007/08, as part of our
‘
Every Woman,
Every Time’ commitment, we reviewed the
segmentation of our sub-brands, so that we
can help our customers quickly and easily
find what they’re looking for. Although this
will continue in 2008/09, improvements can
already be seen within Autograph (see below)
and lingerie (see page 13).
Competing on value
and quality
During the last year, we responded to market
demand by becoming even more competitive
at our opening price points. While this
increased both our sales volume and market
share volume, we recognise the opportunity
to drive our ‘better’ and ‘best’ ranges – with
particular emphasis on building on the
success of Autograph.
We offer knitwear at prices from £9 to £49
and bras from £5 to £20, and will continue to
do so. However, we want our customers to
recognise our reputation for offering incredible
quality and excellent cuts across all of our
price points.
In recent months, we’ve seen some of our customers
become more interested in buying products of enduring
style and quality, than in finding the lowest possible prices.
In response to this trend, we have improved our quality
throughout our price architecture, which means our value
credentials are stronger than ever. For example in Autograph,
our customers are willing to spend more on our luxury
fabrics such as silks and cashmere. By driving more
product choice in these fabrics, we continue to grow
our Autograph business.
Over the last year, we have expanded and strengthened
the Autograph brand, introducing Autograph Exclusive,
which offers a range of limited edition pieces such as
coats and eveningwear, and Autograph Weekend, a new
casual look with an American East Coast flavour. Both
play an important role in our segmentation strategy and
have added incremental sales to the brand.
Kate Bostock: Executive Director of Clothing
Kate joined M&S as Director of Womenswear in 2004, and was appointed
to the Board as Executive Director of Clothing in March 2008.
Brand strength in Autograph
Autograph stands for the best of modern and sophisticated M&S.
It grew strongly in 2007/08 by offering elegant and timely pieces,
in luxury fabrics and cuts, which are
flexible for all lifestyles.
No limits
We don’t aspire to be a
brand where fast fashion
is all that matters, but we
do want to cater for women
of all ages. Limited Collection
helps us do that – answering
our younger customers’
demands for affordable
looks from the catwalk.
It’s growing faster than any
other part of our womenswear
business, with market share
up amongst women under-35.
That’s because our customers
now know that if they like
something at M&S they
should buy it now.