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M&S seeks technology savings through Tata tie-up

Reuters - UK Focus

LONDON, Jan 9 (Reuters) - Britain's Marks & Spencer (Frankfurt: 534418 - news) has appointed India's Tata Consultancy Services (BSE: TCS.BO - news) (TCS (LSE: TCS.L - news) ) as its technology partner and is targeting annual efficiency savings of about 30 million pounds ($40.5 million) in the area by 2021-22.

M&S said on Tuesday implementing a new technology programme, which involves TCS taking on core supplier services and management of specialist suppliers, would incur a one-off cost to implement of 25 million pounds.

In November the clothing and home retailer detailed a new five-year strategy, part of which involved eking out 340 million pounds of additional annual cost savings.

M&S said the technology changes will involve about 250 existing M&S roles transferring to TCS roles.

The firm will retain a small in-house technology team.

M&S is scheduled to update on Christmas trading on Thursday. ($1 = 0.7401 pounds) (Reporting by James Davey, Editing by Paul Sandle)