Reliance Retail is the ideal partner for us to accelerate our expansion and create the opportunity to open much bigger M&S stores.
We have been very impressed by their strength in technology, logistics and property and the speed with which they have become a major player in India's retail scene.”
Mr. Mukesh Ambani, Chairman of Reliance Industries said: “M&S is a very well respected brand globally. At Reliance, we have always strongly believed in the power of the Indian consumer market.
We are excited to partner with M&S to combine Reliance's understanding of the Indian marketplace, and its traditional strengths in the areas such as technology, infrastructure, logistics and training with M&S's legendary retailing and product development capabilities to deliver a delightful experience for Indian consumers.”
The Chief Executive Officer of Marks and Spencer Reliance India Pvt Ltd will be Mr. Mark Ashman and Chief Financial Officer will be Mr. Jatin Luthra.
Mr. Mark Ashman CEO of Marks and Spencer Reliance India Pvt Ltd said: “There is already a strong demand for great quality, good value Marks & Spencer products in India. Partnering with Reliance Retail will enable us to accelerate our growth in this dynamic economy.
We intend to open bigger stores, selling a wider range of products at lower prices, including a growing number of products sourced from local suppliers.
I would like to thank VP Sharma and the Planet Retail team for their early vision in bringing Marks & Spencer to India and for their ongoing support.”