United kingdom Daily news: Sir Philip Green lures Marks and Spencer's Richard Price

Jumat, 22 Juni 2012

Sir Philip Green lures Marks and Spencer's Richard Price

Sir Philip Green lures Marks and Spencer's Richard Price

By Rupert Steiner And Hannah Langsford

PUBLISHED: 16:04 EST, 22 June 2012 | UPDATED: 16:08 EST, 22 June 2012

Marks and Spencer has seen another clothing director jump ship â€" the latest in a string of middle management departures.

Richard Price, who has run the menswear business for four years under MSâ€™s executive director of general merchandise Kate Bostock, has been poached by Sir Philip Green to become managing director of his BHS department store chain.

A spokesman for MS said: â€˜His new role as managing director presents a unique and challenging opportunity. We understand why Richard would want to pursue this.â€™

It comes amid renewed speculation that Bostock has been looking for a new berth.

Nick Robertson, chief executive of ASOS told the Mail yesterday he is looking to appoint a new big retail hitter for his online store. Bostock has previously been linked with a move to ASOS.

Robertson denied product director Robert Bready has been making noises about leaving because he will have to report to the new appointment.

At rival John Lewis strong demand for electricals and technology products helped underlying sales increase 11.5 per cent to Â£63.6m in the week to June 16.

But all eyes will be on Debenhams this Thursday with analysts forecasting a 1.3 per cent fall in underlying sales for the past 16 weeks as heavy discounting from rivals and tough comparative figures take their toll on the department store chain.

On Tuesday upmarket online retailer Ocado is expected to show that underlying sales between the first and second quarter have risen from 10.9 per cent to 13.6 per cent boosted by strong demand over the jub ilee weekend.

However, analysts are concerned whether it will have the capacity to rebuild growth to 20 per cent by the fourth quarter.