Marks & Spencer has announced another significant partnership as its seeks to transform itself into a digital-first retailer.
The high street giant has partnered with True, Europe’s only specialist retail and consumer investment firm, to gain “pre-emptive access to its deep-rooted retail and consumer expertise, emerging technologies, proprietary research and sector-specific international network”, in a move that will provide it will investable opportunities.
True’s business model and Live Network will enables Marks & Spencer to see more than 2,000 enterprise-ready technology and consumer-product businesses each year. M&S will draw on the Live Network to access the latest innovative technologies and expertise from within the sector that can best support its digital ambitions.
M&S CEO Steve Rowe said: “Our partnership with True will give us unparalleled access to the latest innovations and technologies that have the potential to transform the way we operate and run our business. As M&S seeks to become a Digital First retailer, we will be on the front foot thanks to True’s deep sector knowledge and the exposure they will give us to new enterprise-ready technologies which will benefit our customers and make us fit for the future.”
True chief commercial officer Mike Tattersall added: “The explicit focus of our Partnership activities is to deliver positive commercial outcomes with clear and tangible ROI for our Partners. M&S exemplifies a business that has not only helped shape the British retail landscape, but understands the need to evolve – and the importance of innovation to achieve this. Through the True Live Network, we will support M&S in enhancing its operations and ensuring it’s a retail business that is strongly positioned to navigate a continuously changing landscape.”
The move comes just two weeks after M&S revealed a partnership with Brent Hoberman’s start-up incubator and accelerator Founder’s Factory and a week after it revealed it would be setting up the first Retail Data Academy in partnership with Decoded.