I’m surprised M&S’s clothing sales are down again. Since the release of its chic pink coat in 2013, the retailer has successfully introduced a statement piece each season and has done a good job of promoting it (for example, it produced a faux suede version of its own skirt, a meta and brilliant move – I bought it).

This season’s “it” item is likely to be the Autograph leather wrap skirt. The belted A-line number is on-trend and expensive enough to feel like a luxe purchase.

Perhaps therein lies the problem – if you are going to spend more than £100 on a skirt, would you go to M&S? If you’re young, would you opt for Autograph instead of Topshop? And while the Autograph and Limited Edition collections tend to be carefully curated and promoted, these lines comprise only a fraction of the clothing M&S produces. In short, why would fashion-focused shoppers want to go to Marks & Spencer?

What should help lift sales is the forthcoming Alexa line, which is aimed at young women. Given Alexa Chung’s status, I have no doubt it will sell out.

In the end, though, M&S will need to pick a side – it wants to attract younger shoppers but what it offers them is limited and available in only a few stores. However, if it wants to retain older consumers, the retailer must slash its prices to better compete with the rest of the high street.