Marks & Spencer makes more changes to non-food team
LONDON (Reuters) - Bellwether British retailer Marks & Spencer (MKS.L) said on Monday it had made more changes to its non-food management team as it seeks to address a fall in sales.
Chief Executive Marc Bolland cautioned that the new team's impact would not start to come through until the firm, Britain's biggest clothing retailer, launched autumn/winter collections in July next year.
Bolland had told Reuters in September that M&S' 2013 spring/summer ranges would show some of the team's new buys.
In July M&S posted its worst underlying quarterly sales performance for three and a half years.
The group publishes its first half results on Tuesday where it is expected to report a 2.5 percent fall in second quarter underlying general merchandise sales and an 11 percent fall in first half profit.
M&S said it had promoted Frances Russell to the position of director of womenswear with immediate effect. Russell, a former director of Philip Green's Arcadia, has been at M&S for four years, most recently as director of lingerie and beauty.
M&S said Annette Browne, the womenswear trading director had stepped down from her role and left the retailer.
It also said Janie Schaffer, currently chief creative officer at Victoria's Secret, will succeed Russell as director of lingerie and beauty early next year.
The latest appointments complete the senior general merchandise team of John Dixon, who moved from food to succeed Kate Bostock as the division's head last month.
Bostock has since joined online fashion retailer ASOS (ASOS.L).
Belinda Earl, the former CEO of Debenhams (DEB.L), Jaeger and Aquascutum, joined as style director in September, Stephanie Chen is now running the kids and home team and Scott Fyfe takes up his new role as director of menswear next month.
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.