UPDATE 1-Britain's M&S poaches Tesco executive for top clothing job

British retailer Marks & Spencer has appointed the chief executive of rival Tesco's F&F clothing division to be the boss of its struggling clothing and home business, it said on Friday.

M&S, one of the best-known names on UK high streets, said Richard Price would re-join the retailer as managing director, clothing and home next year, on a date to be confirmed. In July, M&S' CEO Steve Rowe sacked clothing division head Jill McDonald after publicly criticizing chronic availability, and assumed direct leadership himself.

Price previously worked for M&S from 2005 to 2012. He was head of merchandise, before being promoted to menswear trading director in 2008. He left M&S to become the managing director of BHS and joined Tesco in 2015. "I left the business because I felt it was drifting in the wrong direction but now feel we have a real chance to make it special again," said Price.

"The new team has already started to improve product and value and I am looking forward to working with them." Shares in M&S were up 1.4% at 1355 GMT.