Marks & Spencer asks suppliers to contribute to cost of store revamps
Marks & Spencer has asked its main clothing suppliers to contribute towards the cost of revamping its stores and increasing its marketing activity according to the Financial Times.
The paper said that M&S chief executive Marc Bolland met with 60 of the retailer’s clothing and homewares suppliers last Friday to ask them to make a one-off contribution of 1.25% of their turnover with M&S for the year to August.
Marks & Spencer is planning a £600 million revamp of its stores and the monies raised from suppliers could raise tens of millions of pounds towards this sum.
The FT said that in return suppliers might expect to benefit from Bolland's plans to expand sales both in the UK and overseas.
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