Designer relinquishes holding, but stays on as chief executive
Marks & Spencer has completed its acquisition of the Per Una womenswear brand from George Davies for£125 million.
The retailer announced plans to buy the jointly owned clothing business in July, as part of a raft of turnaround initiatives, including the sale of its financial services and the closure of its Gateshead Lifestore.
The deal with Davies means the clothing designer relinquishes his holding in Per Una, but stays on as its chief executive for the next two years.
In its trading update on September 21, M&S said like-for-like sales had slipped 5.2 per cent in the 10 weeks to September 18. The store group is expected to release its latest quarterly figures next week.
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