India 2nd largest market for Marks & Spencer after UK

29 Mar '19

1 min read

Pic: Mark & Spencer

India is now the second biggest market after the United Kingdom for British retailer Marks & Spencer (M&S), which foresees a double digit growth in terms of store addition this fiscal, according to the firm’s India managing director James Munson. M&S now eyes the tier II and tier III cities and plans to raise the product range with more local relevance.

The company opened one store each in Chennai and Hyderabad this week, taking its total number of stores across 32 cities in India to 76, according to a report in a top business daily.

The company’s turnover was ₹908 crore in India in fiscal 2017-18 and expects to continue its growth momentum further in the next fiscal.

M&S now sources around 30 per cent material locally in India, Munson said. It is also present on online sales platforms through channel partners.

Though the present contribution of online sales is in single digit, Munson expects it to grow.

M&S opened its first store in India in 2001 and in April 2008 signed a joint venture with Reliance Retail to form Marks & Spencer Reliance India Pvt Ltd. (DS)

Fibre2Fashion News Desk – India

More Marks & Spencer News... More Apparel/Garments News - India...