Aiming to strengthen its base in India, British clothing retailer Mark and Spencer (M&S) is planning to open 40 more stores by 2016, which would take the number of its outlets in the country to 80.
“India is the most important market outside the United Kingdom, we have 40 stores right now and we are planning open more 40 stores in India by 2016,” Marks & Spencer Managing Director Venu Nair told The Pioneer.M&S operates its 40 stores in India through a 51:49 joint venture with Reliance Retail. The company though does not plan to get into online retailing in the near future.M&S reported 1.9 per cent increase in group sales for the fourth quarter of the previous fiscal on strong performance in international markets like India, China and the Gulf.
Its global sales jumped by 4.7 per cent in FY14, according to a company statement.”The international business continues to perform well. Our priority markets delivered a strong performance with impressive growth in India, in our flagship stores in China and in the Gulf,” the company statement added.