Posh's little black dress sends M&S profits soaring
MARKS & SPENCER has reported an 11.5% rise in profits – in part thanks to Victoria Beckham snapping up one of their leather dresses, making it the most popular autumn must-buy.
M&S bosses described the £149 little black dress as ‘easily the biggest hit of the season’, after the Spice Girl ordered a size eight version – with instructions to take it in for her size 6 frame – three weeks before it hit the shop shelves.
The publicity surrounding Posh’s purchase meant that 30% of the first order was sold online before the dress even reached the store.
A second batch of 400 delivered last month to the Marble Arch store sold out in 48 hours.
Analysts have pointed out the huge impact a celebrity endorsement has on the success of a product.
Another big autumn success was a wool coat modelled in a campaign fronted by the band Take That for the Autograph range. Sales of the coat surged 245% after the launch of the campaign.
Chief executive, Stuart Rose, said: ‘Whilst the short-term economic outlook remains uncertain, the actions we have taken to reposition and revitalise M&S over the last three years put us in a good position to outperform and give us confidence in long term growth prospects.’