by FoodBizDaily.com staff writer
December 16 2009 - Planning a major expansion in India, British Marks & Spencer and Reliance Retail aim to grow from 14 stores across the country to at least 50 over the next few years.
Marks & Spencer Reliance India Private Ltd – a joint venture between Marks & Spencer and Reliance Retail since April 2008– is the company handling the operations, according to local media reports.
“Marks & Spencer believes India offers significant expansion opportunities and the potential is huge with a wider range of products, bigger M&S stores and a better brand experience overall,” states the joint venture marketing manager Nandini Sethuraman.
While the British company invested up to £14.79 million, Reliance Retail invested up to £14.21 million, totaling £29 million (around Rs 220 crore) and both companies have plans to provide further funding in the near future.
“It‘s essential for any brand to develop a strategy of localization to be successful,” believes Mark Ashman, M&S CEO.
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Marks and Spencer Group Plc
Address: Waterside House 35 North Wharf Road London, ENG W2 1NW United Kingdom
Telephone: +44-20-79354422
Fax: +44-20-74872679
About Marks and Spencer Group Plc
Marks and Spencer Group plc is a retailer of clothing, food and home products. The Company is the holding company of the Marks & Spencer group of companies. The Company has two geographic segments: United Kingdom and International. The International segment consists of the Marks & Spencer owned businesses in the Republic of Ireland, Europe and Asia, together with franchised operations. The Company is a provider of womenswear and lingerie in the United Kingdom. The brands in the womenswear include Classic, Portfolio, per una, Indigo, Autograph and Limited Collection. Its lingerie brands include Adored, Autograph, Body Solutions, Ceriso, Limited Collection and per una. On March 31, 2009, Marks and Spencer Reliance India Pvt Limited, a 51% subsidiary of the Company, completed the acquisition of 100% of Supreme Tradelinks Private Limited.