Marks & Spencer is aiming to make India its second largest market(Supermarket Display) by more than doubling its number of stores in the country to 80.
M&S(Clothing Display)announced the expansion as it opened its largest store to date in the country, where it operates a joint venture with local player Reliance Retail.
Marc Bolland, M&S chief executive, said: "India is a priority market for M&S and working closely(Clothing Display) together with our partner Reliance Retail we have set a clear plan to build a leadership position here. As the nation's leading retail operator, Reliance Retail is the perfect partner for us in India with extensive local expertise and experience, with strengths in infrastructure, logistics, technology and property."
M&S's accelerated plans in India differ markedly from other international stores that have held back on expanding in the fast-growing market(Supermarket Display). The chain benefits from being an own-label retailer which means it faces fewer restrictions than supermarkets or other stores which sell a variety of brands.
India opened up the multi-brand sector to 51% foreign investment in 2012 and eased rules this summer but Tesco and Walmart(Supermarket Display) have both shown a lack of enthusiasm for the market partly over concerns about requirements to source 30% of their supplies locally.
Bolland unveiled M&S's ambitious plans for India at the official opening of a 35,000 sq ft store in Mumbai attended by Bollywood stars including Bipasha Basu and Sonakshi Sinha. The store includes M&S's first beauty department in India and a new-look lingerie area. M&S's lingerie sales have risen by a third in India to account for more than a fifth of the retailer's sales in the market.
M&S opened its first store(Store Display) in India in 2001 and signed its joint venture with Reliance in 2008. It now has 36 stores in India including sites in Delhi, Amritsar, Mumbai, Pune, Kolkata and Bangalore.