Marks & Spencer puts its faith in per una

The business, formed as a joint venture between M&S and former Next boss George Davies, is seen as a key part of new chief executive Stuart Rose's bid to restore the group's flagging fortunes.

M&S said it had bought the company, the brand and staff contracts from George Davies, who will remain chief executive of per una for at least two years.

M&S announced in July that it intended to buy the brand as part of a strategy to resist a potential £9.1bn offer from tycoon Philip Green, and yesterday confirmed it had made the acquisition.

Per una was introduced three years ago as a way of attracting younger shoppers to M&S clothing ranges and is now stocked in 173 branches, though plans for a chain of stand-alone stores have stalled.

Despite disappointing clothing sales at M&S, the per una brand, and most recently the teenage per una due range, have proved a hit with customers.

The deal with Mr Davies means M&S can now take full control of the brand.

Plans to acquire per una were announced alongside a series of other strategies to revive the retailer's fortunes.

A review by Mr Rose found the business had become too complicated, with stores cluttered with too many lines.

Mr Rose also announced the sale of the financial services division, the closure of a trial Lifestore outlet for homewares at Gateshead, and called a halt to the expansion of Simply Food outlets.