Price will join Marks and Spencer next year, with his start date to be confirmed in “due course.”
The announcement comes after M&S announced a 17% drop in profits to £176.5m for the first half of the financial year, in September.
The half-year results saw a decrease of -5.5% in like-for-like clothing sales, despite the analysts predictions of a 4.3% fall. Total revenue also fell by 2.1% to £4.68bn. Despite the decrease M&S said it remains “optimistic for the future.”
Price was appointed CEO of F&F Tesco in 2015, and was previously trading director at Marks and Spencer, but left the business in 2012 as he thought the retailer was “moving in the wrong direction.”
Price said: “Marks & Spencer clothing and home is a great business which still has strong brand affection and huge potential. The new team has already started to improve product and value and I am looking forward to working with them.”
M&S CEO, Steve Rowe, added: “Richard’s career spans some of the UK’s top clothing brands and he has a proven track record of delivering growth through stylish, great value product.
“We are building a team of world-class talent in clothing and home and, with Richard coming on board, I am confident that the speed and scale of the transformation of the business will accelerate.”