Fashion retailer M&S got it all wrong in China as they focused on non-exciting customers, says retail analyst Paul French to Bloomberg. M&S decided to close down some of its China operation to cut their losses, after a very ambitious start in 2008 in Shanghai.
Bloomberg:
Marks & Spencer opened its first Chinese store in Shanghai in 2008 under then-CEO Stuart Rose. Last year, Rose’s successor Marc Bolland closed five smaller regional stores and focused the company’s efforts on Shanghai. M&S currently has ten stores in China, according to its website. It also sells products through Chinese e-commerce sites TMall.com and JD.com.
“M&S have gotten everything wrong in China,” said Paul French, an independent consultant to western brands in China. “Their U.K. customer base doesn’t really exist there. It’s a more aspirational culture and Britain’s high-end brands have fared better.”
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