Marks & Spencer Group PLC said it is on track to double its store count in India in the next 15 months, an ambition that poses both risks and opportunities for the British retailer.
M&S has recently struggled in troubled markets such as Russia, Ukraine and Turkey and was forced to reconfigure its footprint in China, but India has emerged as a relative bright spot. Revenue climbed 23% last fiscal year.
“I think there is an instinctive understanding of M&S in India,” said the company’s head of international business, Patrick Bousquet-Chavanne.
M&S is in 21 cities in India so far, with a focus on large cities such as Mumbai, Delhi and Kolkata. Now, M&S is looking to deepen its exposure to India. It plans to open stores in less-developed cities, such as Vijayawada, Jalandhar and Vizag, during the current fiscal year ending in March, while also beefing up its footprint in larger cities.
The company—which operates in India through a joint venture with Reliance Industries Ltd., one of India’s largest companies—in early October will open its 50th store in India, in Mumbai’s Chhatrapati Shivaji airport.
Source: U.K.’s Marks & Spencer Is Aiming to Double India Store Count – India Real Time – WSJ
