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.
- Mumbai’s Haji Ali Dargah Trust to SC: Ready to give women access to sanctum sanctorum
- Samajwadi Party Crisis: 5 Quotes By Mulayam Singh Yadav At Press Conference
- Ae Dil Hai Mushkil Vs Shivaay: What Delhites Pick
- Supreme Court Directs Vijay Mallya To Fully Disclose Foreign Assets In 4 Weeks
- 5 Reasons To Watch Ae Dil Hai Mushkil
- BSP Supremo Mayawati Criticises PM Modi Over Triple Talaq: Here’s What She Said
- Google Pixel XL Phone Review: Pros, Cons And Final Verdict
- Defence Minister Manohar Parrikar Says Army donation Is Voluntary
- Rock On 2 Trailer Launch: Farhan Akhtar, Shraddha Kapoor, Prachi Desai On Their Roles
- Cyrus Mistry’s Career Timeline
- Stalker Kills Woman At Metro Station In Gurgaon: Here’s What Happened
- Bigg Boss 10 October 24 Review: Seven Contestants Nominated For Evictions
- Power Struggle In Mulayam’s Party: Here’s What People Reacted
- 1 Dead, 5 Injured In Low Intensity Explosion In Delhi’s Naya Bazaar Area
- Delhi: Naya Bazar Explosion Cctv Footage
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.