Vandevelde Leaves UK Retail Giant M&S Under A Cloud

11 May 2004

Troubled high street retailer Marks & Spencer is looking for a new chairman.

The search was prompted after Luc Vandevelde announced he wished to quit the struggling company which he had pledged to revitalise in two years.

As the operation's new boss, Vandevelde enjoyed initial success as sales, partly fed by a consumer boom, picked up.

Recently the company, which enjoyed a reputation as the country's biggest clothing chain, has been hit by another sales slump.

Its fashion lines have been criticised for being dull. Prices have been undercut by supermarkets like Asda and Tesco.

Belgian born Vandevelde, who holds several other directorships, has also been criticised for not devoting enough time to M&S.

The catalyst for his departure is his involvement with France's biggest retail chain, Carrefour.

Vandevelde joined the Carrefour board last December at the behest of the Halley family, one of the French group's biggest shareholders.

Data sourced from:; additional content by WARC staff