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.
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
- Bigg Boss 10 Dec 06 Review: Swami Om Pees In Kitchen
- Lenovo k6 Power Video Review
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.