Marks & Spencer Group Plc has offered the key role at the helm of its struggling clothing business to former Next Plc product director Christos Angelides, according to a person with knowledge of the matter.
Angelides, who most recently led the Abercrombie & Fitch brand, is M&S’s preferred candidate for the job, said the person, who declined to be identified as the matter is private.
Angelides and a Marks & Spencer spokeswoman both declined to comment.
When Steve Rowe was promoted from M&S’s head of clothing to become its chief executive officer in April he made it clear that arresting a five-year sales slump at the London-based retailer’s clothing division was his top priority. One of his first decisions was that he would personally remain in charge of the clothing business for the foreseeable future.
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In his capacity as Next’s group product director, Angelides was a thorn in the side of M&S for 16 years. He played a crucial role in luring customers away from the U.K.’s largest clothing retailer, which saw its market share dwindle.
In 2014, Angelides left Next to become president of the Abercrombie & Fitch brand, where he didn’t enjoy the same success. The 53-year-old was fired in December 2015 amid weak sales at the U.S. retailer, receiving a severance payment totaling $5.5 million, according to a company filing.
Given his current circumstances, Angelides would be able to take up the role quickly. Were he to take the M&S job, he would be required under U.K. rules to step down from his role as a non-executive director of fashion retailer French Connection Group Plc, where he started in March.
Date: February 12, 2017