The skirt of the summer is here. Marks and Spencer’s much talked about “It piece”, a 1970s-style suede skirt with a price tag of £199, finally went on sale this weekend in selected stores and will be shipped to the thousands who have ordered it online.

Although the skirt’s official launch date is not until 14 May, the buzz around the brown pencil skirt began in February, when it was spotted on the likes of model Alexa Chung and American socialite Olivia Palermo. Since then, it has been featured in numerous fashion magazines and blogs, including Vogue and Glamour, and on runways at New York fashion week.

Natalie Miles, a 35-year-old account manager at skincare brand Elemis, made a special trip to Marks’s flagship Marble Arch store in London last Friday and decided that the skirt lives up to the hype. “I heard about it online a few months ago and I really like the design and feel of it. M&S has got a lot better in recent years and this is a really nice piece,” she said.

Jayne Saunders, the store’s manager, agreed, adding that she was pleased with the reaction so far. “Our customers have been really positive. We sold our first one within minutes of the store opening.”

While this is good news for M&S, some shoppers were left disappointed. “They don’t have it in my size,” said Miles, as she looked through the rail to find it only had size 14s and above. “Oh well, it was a lot of money anyway.”

A faux suede version of the skirt has already sold out, and social media chatter has apparently drawn customers to stores. Such is the interest stoked by the skirt that it is credited by Marc Bolland, chief executive of M&S, with helping the retailer to its first rise in clothing and homeware sales in almost four years, after first-quarter results saw its share price rise by more than 5%.

A spokesperson for M&S said: “We offered customers the opportunity to register their interest in the skirt, to be notified when it is available, and several thousand registered. It attracted so much attention the store brought forward a limited first drop to this weekend. This is a great example of how our interpretation of the key catwalk trends has landed well with customers and the fashion media.”

Queralt Ferrer, head of design, thinks the popularity of the item is an encouraging sign. “The demand from our customers for premium investment pieces is always high. The suede skirt is a perfect example of this. It’s a timeless, wearable item that has a really luxe finish. It can be worked into any existing wardrobe for a 1970s look or an everyday outfit.”

Although a single item cannot save a floundering retailer, high-profile hits such as this can improve brand image of a brand in fashion circles and appeal to a wider audience.

Lily Russo, fashion editor at Grazia, which first included the skirt in its February issue and is featuring it again this week, thinks the piece has stood out as the must-have buy of the season and that M&S is right to have high hopes for its success. “I think part of the reason it has garnered so much interest is that, ultimately, it is a classic wardrobe buy,” said Russo. “Suede skirts can be hard to come by – especially at this length and on the high street. Add the buzz generated through PR and celebrity sightings and you have a sellout product. Plus the 1970s trend is huge for summer.”

Russo thinks M&S’s waiting list strategy was clever. “There’s been a lot of exposure on social media, and the fact that it is hard to get hold of has made it sell even faster. There is a lot of competition on the UK high street, especially in our current economic climate, and M&S has done a great job of appealing to new customers.”