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Marks & Spencer to cut prices

LONDON: British retailer Marks & Spencer Plc will cut prices by up to 20 percent this week in a move that will add a fresh element of competitive pressure to the troubled UK clothing sector, a report in Sunday Business said.

Prices of M&S's spring range will be at least five percent below last year, with certain key ranges such as men's and women's suits 20 percent lower, the paper said. No-one at M&S could be reached for comment.

The report came as M&S prepared to announce a new chairman to lead its recovery plan after months of turmoil and intensifying competition in the British retail sector.

Media reports last week said the company would name Luc Vandervelde, currently head of French group Promodes to its top post, filling the role permanently for the first time since the departure last February of Richard Greenbury.

In its Christmas trading statement earlier this month M&S said group sales fell by 5.3 percent on a like-for-like basis in the 15 weeks ended January 8 from a year before.-Reuters