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Bloomberg
Marks & Spencer Group Plc (M&S) is severing ties to financial public-relations adviser Finsbury at the end of March as the London-based retailer seeks to cut costs.
M&S’s internal press-relations team will take over responsibility for the work Finsbury has been carrying out since the WPP Plc-owned agency was hired by former Chief Executive Officer Marc Bolland in 2013. On average, the contract is said to have cost M&S between 250,000 pounds and 300,000 pounds ($370,000) a year, a person familiar with the matter said.
The retailer no longer plans to use a full-service financial public-relations firm, a spokesperson said, confirming that Finsbury is being dropped. The move is in keeping with CEO Steve Rowe’s effort to make M&S slimmer and less complicated. In September, M&S announced a restructuring of its London head office that resulted in about 525 job losses and is expected to save it about 30 million pounds a year. In November, the CEO announced plans to exit 10 international markets and shutter 30 stores in the UK.
Finsbury did not immediately respond to a request for comment.