M&S is shaking up its mens formalwear offering for spring/summer 2024 as it targets market share growth in the category.
The fashion and food retailer, which currently holds 18% of the £932m formalwear market, is launching more trend-informed pieces to broaden its appeal to shoppers and drive style perceptions.
It has reduced its option count across the category meaning its core options – such as plain, navy, black and grey – now make up 50% of the range, compared to 75% previously.
M&S said focusing its range has allowed it to push its “style, quality, and value credentials” further and make bigger buys on its top-performing lines.
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The retailer added that its clearer and simpler pricing architecture, including a new £85 opening price point, would make the category easier to shop.
M&S managing director for clothing, home and beauty Richard Price said: “To realise our ambition to be the UK’s most trusted retailer, exceptional product must be at the heart of everything we do. That’s why we’re investing in resets across categories where we have identified customer demand and market share opportunity.
“Men’s formalwear is one of these opportunities and we’re confident that the work we’ve done to push our style, quality, and value credentials and by delivering a better, more personal experience across stores and online, we can broaden customer appeal and really differentiate M&S as the high street retailer for formalwear.”
Last week, M&S launched its 2024 summer TV campaign, set to Technotronic’s feel good hit ‘Pump up the Jam’ as the retailer continued to broaden appeal and elevate its style perceptions.
Focusing on its latest summer womenswear, menswear and kidswear collections, the hero campaign is set against a series of sunny holiday scenes with models wearing pieces including sequins skirts and embellished dresses.
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