The triumphs and disasters of Marks & Spencer are retail's longest running soap opera. Three years ago, customers were deserting what seemed to be a sinking ship, while Sir Philip Green hovered as greedily as a pirate eyeing up a treasure chest. By contrast, M&S is now on a winning streak, having just announced a 28% increase in annual profits, which in the past year topped £966m - a whisker from the totemic £1bn achieved in 1998.The fashion collections for autumn 2007, revealed to the press yesterday, showed a company at the top of its game. Revived credibility as a womenswear brand, reflected in the success of advertising campaigns starring Twiggy and singer Mylene Klass, has been the driving force of the resurgence of M&S under chief executive Stuart Rose.

In its low periods, Marks & Spencer has veered between attempting to follow too many catwalk trends, a tactic which scared off the core customer, and ignoring the season's directions altogether, which served to devalue the brand in the eyes of today's fashion-conscious shoppers. By contrast, for next season, the catwalk has been cherry-picked for key trends that will work for the M&S customer.

The new mood of confidence can be seen in the launch of Autograph Exclusive, a range of limited edition pieces, which will be sold in only five stores nationwide.

A purple satin evening dress with origami-folded shoulder strap - a detail recently seen on the Christian Dior haute couture catwalk - may well see queues at Marble Arch. Pricepoints for Autograph Exclusive - a full-length black sheepskin coat costs £699, and a pure cashmere belted coat sells for £449 - reflect a belief that M&S stock is trading as high at pavement level as it is on the financial markets.

But as last month's frenzy at the opening of a Primark flagship opposite Marks & Spencer's Marble Arch flagship shows, low prices remain of paramount importance. Customers at the cheaper end of the market demand both value and fashion, and from August, M&S is signalling its intention to do battle with Primark and George at Asda with a £10 tunic dress, and the extension of the bestselling £5 T-shirt range to include more fashion-forward styles.

Childrenswear is a key battleground in the fight for female shoppers. Girlswear, now under the remit of overall womenswear director Kate Bostock, looks increasingly sophisticated.

Menswear, meanwhile, has some way to go to throw off its stuffy image but is working hard, with gimmicks including a £149 suit with specially designed iPod pocket.