Revealing: Lily Cole models a low-cut dress for Marks & Spencer's Limited Collection

Plunging necklines have been blamed for plunging sales as Marks & Spencer chiefs today came under fire from lady shareholders.

Executives faced complaints from some that its fashions are too young, offering too much cleavage for its loyal older customers.

Investors have been getting worried because the value of M&S shares has slumped in recent days after the iconic high street chain revealed a fall in sales.

And today at the company's AGM at London's Royal Festival Hall, shareholders lined up to offer a diagnosis of what was going wrong.

Pensioner, Hilary Roodyne said: 'The clothes are not suitable for our age group. The dresses are too low on top and they don't have sleeves.'

Ms Roodyne, who would not give her age, later added: 'They just show too much cleavage and at our age we can't wear that sort of style.'

Another female shareholder complained the store does not provide enough bras.

Elizabeth Sewell said: 'I went shopping for underwear recently and I was told that they no longer stock my favourite style of bra. I was very disappointed and the range of stock is not wide enough.

'They do not cater for all sizes and styles. I also find that clothes are often too small.'

A revival of fashion sales at Marks & Spencer some three years ago was linked to a multi-million pound marketing campaign built around 50-something super-model Twiggy.

More recent campaigns fronted by a younger Lily Cole, aged 20, and Myleene Klass, aged 30, have not captured the imagination in the same way.

Shareholder Janet Girsman complained that she has been waiting a year for a phone call from the company to explain why they do not stock more shoes.

'Their shoes do not cater for British women. They are just a world-wide style. They are either too thin or too small and they do not fit properly,' she said.

The company's boss, Sir Stuart Rose, was able to placate the lady shareholders, even offering to host a shopping expedition to show them the error of their ways.

He and his fashion team have good reason to believe that they know more about providing a successful fashion brand than those who attend the M&S shareholder meetings.

More than one in five shareholders refused to back Sir Stuart Rose in one of the biggest City rebellions against the director of a major British company

Among the eye-popping creations promised in the next few months is a collection from the avant garde and eccentric American designer Patricia Field, who was the stylist on the his US TV series and film, Sex And The City.

Her high-heel stiletto shoes include bondage and leopard skin designs, which are unlikely to appeal to M&S's older clientele.

While her more outlandish offerings include silver mini-dresses,  leopard print stretch denim jumpers, 'white trash' necklaces, and metallic purple teeny bikinis.

Sir Stuart, who has previously been hailed as the saviour of the company, has faced a rough ride in recent weeks.

Some have lambasted the performance of sales and shares, while others complained about a decision by the board to make him both the chief executive and chairman.

It is extremely unusual to give this level of power to run a publicly quoted company to one person.

Four years ago, Sir Stuart arrived to head off a takeover by the billionaire boss of Bhs, Sir Philip Green. He subsequently presided over a retail revival that saw profits surge to £1 billion last year.

However, just last week, he revealed that like for like-for-like sales fell by 5.3per cent  in the 13 weeks to June 28.

Despite these troubles, Sir Stuart yesterday won overwhelming backing from investors to continue his revamp of the M&S stores and brand.

His elevation to the post of executive chairman - combining the roles of chief executive and chairman - was backed by 94.1per cent of those who voted.

Marks & Spencer's reinvented fashions have been accused of being 'too young and low-cut' by mature shareholders

The majority of investors accepted his argument that M&S is the victim of a credit crunch affecting the entire high street.

He said: 'Marks & Spencer is a bit like an early warning system or smoke detector in your kitchen. It has the largest market share of any clothing retailer and the widest geographical spread.

'It listens to its customers and they are saying their purses are pressed. They are saying the cost of living is going up faster than for a long time. They are saying they are feeling the squeeze.'

But the M&S chief pledged to carry on with investment plans such as store refurbishments as it would put the group in a stronger position for a consumer recovery.

Shareholders at the meeting were largely supportive of the retail boss, with one saying Sir Stuart had brought the retailer 'back from the brink of the abyss' since taking over in 2004.

Deputy chairman, Sir David Michels, defended the decision to give Sir Stuart more power, saying: 'He had a job to finish and could do it better than anyone else who was around.

'We are convinced history will show us we made the right decision.'

Best-selling bikini: Sales of this swimwear went through the roof after Myleene Klass modelled it in M&S adverts