Marks & Spencer (M&S), a major Britain-based multinational fashion retail brand headquartered in London that specialises in selling clothing, home products and luxury food products, is betting big on India retailing.
The Brit retail company has readied an aggressive retail business expansion plan for the Indian market to gain momentum in the coming months.
The retailer forayed into the Indian retailing through a joint venture with Reliance Retail. Reliance Retail is a subsidiary company of Reliance Industries Limited and the largest retailer in India in terms of revenue.
Through the partnership, Marks & Spencer will invest more to further strengthen its position in the Indian market. It is also expected that the company will open six new stores in the country by April this year.
“India has become increasingly an important market for us. We are now the largest market for M&S outside of our home market. We are 71 India stores today and we continue to invest in this market. We opened nine stores in the last six months and it is our intention to open six more in the next 60 days,” James Munson, Managing Director of Marks & Spencer Reliance India, reportedly mentioned.
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Markedly, Marks & Spencer has previously recorded sturdy growth in the Indian fashion retail market and considers it to be a very important market. The fashion retailer opened its first store in the country 2001.
“The company clocked revenue of Rs. 908 crore last year and has been growing at a CAGR of 24 percent over the last five years. We look to maintain that expansion pace in the next year as well. There are no other markets which are expanding the way we are expanding here,” Munson added.