UK-based apparel chain Marks & Spencer today said India is the most important market outside the UK and the company will double its store count here to 80 by 2016.
“India is the most important market outside the UK. We opened 12 stores in last one year. We will open 40 stores by 2016. We grew by 42 per cent in the third quarter of the last financial year,” Marks & Spencer Managing Director Venu Nair told reporters at the sidelines of Indian Retail Congress.
Nair refused to share exact numbers and said the company does not share financial details.
The company has 40 stores in India and operates through 51:49 joint venture with Reliance Retail. It does not plan to get into online retailing in the near future.
Earlier this month, M&S reported 1.9 per cent increase in group sales for the fourth quarter on strong performance in international markets like India, China and the Gulf.
Its global sales jumped by 4.7 per cent.
“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 said in a statement.
It said the focus is on continuing to transform the company into an international, multi-channel retailer.
In the home market, Britain, its total sales were up just 1.5 per cent.