"Nobody at that bottom level worries me at all," he said.

"It's not as straightforward as being 'all about price'. You get what you pay for and what you pay for [with Per Una] is quality.

"Marks & Spencer is miles ahead of everyone else in terms of quality. It led the way with issues of quality and supply chains, not because it was sexy but because it was in their culture.

"This is why the consumer trusts Marks & Spencer - it might get other things wrong, but never quality."

Davies also revealed plans for a new, limited edition Per Una range this year. Called G25, it will mark his 25 years in retail.

"It will be a 'thank you' to all my customers," he said.

Davies added he had no plans to leave Marks & Spencer, despite voicing frustrations with his role in the past.

"I'm not always sweetness and light," he said. "But when you have a fit with someone, why leave? It still feels as if I own it [Per Una] and I've never lost that love of it."

1

2

3