British multinational retailer, M&S opened its first store in India in 2001 and signed its joint venture with Reliance in 2008. The company owns 51 percent of a joint venture in India with Reliance, one of country’s largest retailers.
Marks & Spencer is stepping up its expansion in the country after seeing strong growth across India. Majority of M&S stores are located in the malls, but it recently opened five pilot standalone beauty and lingerie stores in India. Two of these are in Bangalore, one each in Jaipur, Mumbai and Kolkata. At present the retail store has 58 outlets across 27 cities, the largest outside the UK along with an online presence through leading online platforms Amazon.in , Myntra.com and Ajio.com.
M&S offer the latest fashion and style for the women’s western wear with a lot more colour and print. They offer more esoteric aura for the women to shop. “Customers are at the heart of everything we do at Marks & Spencer. The Marks & Spencer brand really resonates with customers in India. It will continue to grow in scale and relevance in the country," Venu Nair, the Managing Director of Marks & Spencer Reliance India, said. Further he also talked about the expansion plans for the company and the increased focus on beauty and lingerie products. The UK-based retailer plans to open more stores in the coming future.
India is the second biggest region for sourcing and 30 percent M&S clothing products sold in the country are sourced from India. They source 38.5 million pieces of clothing and goods from here. To save costs and deliver products faster, M&S worldwide has increased sourcing from India. They are concentrating on bringing down the price to such an extent which is comfortable for the Indian market .This has allowed them to sell products at lower prices also.
India is growing faster than anywhere else in the world so the growth rate of India is different from anywhere else in the world. India is the company’s biggest operation by stores outside the UK and so our country is going to be one of the most important markets for M&S.
March 31, 2017