Marks and Spencer has been overtaken as Britain's biggest clothing retailer by supermarket giant Asda, which is owned by the world's largest retail store Wal-Mart, industry figures showed Sunday.
Asda's market share, based on sales of its George clothing range, has risen by almost one third to 9.4 percent in the three months to end-July compared with the same period a year earlier, according to market research group Taylor Nelson Sofres. Marks and Spencer's market share was unchanged at 9.1 percent.
"This is a tremendous milestone for the George brand," said Asda's chief operating officer, Andy Bond.
"With its unique combination of style, quality and value, we have earned our place at the top of the fashion premier league," he added in a statement.
Marks and Spencer, which had held the top spot for decades, declined to comment but the news is seen as a major blow for Marks' chief executive Stuart Rose, under pressure to spark a revival in the fortunes of the ailing century-old British retailer, which sells also food and furniture products.
Investors last month backed Marks' board of directors over their rejection of a 9.1-billion-pound (13.4-million-euro, 16.5-million-dollar) take-over bid for the retailer by tycoon Philip Green.
Their support, together with Rose's defence strategy, led Green to abandon his bid.
Rose's defence strategy included plans to return 2.3 billion pounds to shareholders, selling Marks' financial services arm and a return to focusing on high quality, stylish clothing for the retailer's core customers - women aged between 35 and 55.
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