Marks & Spencer (M&S) has been awarded Brand of the Year at the Marketing Week Awards 2024, outperforming other finalists such as Greggs, Lucky Saint, McDonald’s, and Octopus Energy. This prestigious recognition follows M&S’s impressive transformation after a period of decline, signaling a strong recovery and positioning the brand for continued success.
Impressive Turnaround and Financial Growth
M&S’s recent success can be attributed to its three-year transformation journey. The retailer reported a 17.2% rise in profit year-over-year for the six months ending 26 September. Food sales increased by 8.1%, and clothing and home sales saw a 4.7% growth. The retailer also attracted 1 million new customers, further solidifying its position in the market.
Rising Brand Value and Recognition
M&S’s brand value surged by 38% according to Kantar’s 2024 BrandZ ranking, now reaching $2.47bn (£1.85bn). This boost helped M&S climb 13 places, securing its position as the 23rd most valuable brand in the UK. Furthermore, M&S was named YouGov’s ‘Best Brand’ of the Year for 2024, having achieved the highest brand health among UK brands in the past 12 months.
Key Factors Behind the Transformation
M&S’s turnaround has been driven by strategic investments in digital experience and technology. The retailer upgraded its e-commerce capabilities and enhanced its store estate, resulting in better customer experiences. In addition, M&S has focused on improving value perceptions across its product lines, particularly in the food and clothing segments, which contributed to strong full-price sales despite a competitive promotional market.
Brand Investment and Advertising Success
M&S has also significantly invested in its brand image. The brand’s iconic characters, Percy Pig and Colin the Caterpillar, have evolved from simple products into widely recognized mascots, strengthening the brand’s presence in advertising. M&S also created separate Christmas ads for food and clothing, effectively targeting the unique needs of each department and reinforcing its market position.
Collaboration and Style Perception in Clothing
In the clothing department, M&S has partnered with notable figures such as Sienna Miller and Bella Freud, improving its style perceptions and expanding its customer base. Marketing director Anna Braithwaite highlighted the success of these initiatives, emphasizing the retailer’s ongoing efforts to build on its success.
Continuous Improvement: The Path Forward
M&S’s success is also driven by CEO Stuart Machin’s commitment to continuous improvement. His philosophy of “being positively dissatisfied” ensures the brand remains focused on further progress and innovation. This dedication to excellence continues to strengthen M&S’s position in the competitive retail market.
A Well-Deserved Recognition
According to Russell Parsons, editor-in-chief of Marketing Week, M&S’s remarkable transformation is one of the business success stories of recent years, driven by marketing excellence and strong brand management. With its ongoing focus on growth and innovation, M&S is well-positioned for future success, making it a worthy winner of Brand of the Year.
