High street giant Marks & Spencer (M&S) is set to announce a turnaround strategy next month, the Financial Times has reported.

According to the newspaper, M&S CEO Stuart Rose will detail the company's plans on July 12, two days before its annual meeting.

Rumoured components of the strategy include fending off a takeover from retail tycoon Philip Green, dropping the Lifestore homewares division and shelving George Davies' Per Una Due clothing range.