Marks & Spencer plans India expansion

Apr 01 2014, 18:33 IST
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SummaryChief executive Marc Bolland revealed the firm is looking to grow its international sales by 25 per cent and profits by as much as 40 per cent.

British retail giant, Marks & Spencer (M&S), has narrowed down India as one of its key centres for overseas expansion.

M&S has earmarked 20 sites in India for the lingerie and beauty concept, which is smaller than the company's traditional stores.

In total, it wants to have 100 stores in India by 2016.

The plan also focuses on expansion through its food sector and includes franchise and partnerships, such as with Reliance in India.

"Britishness is as saleable as ever in any part of the world," said Steve Rowe, executive director for food at M&S.

The high street retailer intends to open 250 new stores outside the UK in the next three years as part of its significant global expansion plans, which also include western Europe and the Middle East.

Chief executive Marc Bolland revealed the firm is looking to grow its international sales by 25 per cent and profits by as much as 40 per cent.

However, the group is on the lookout for a local partner to help it tackle the Chinese market, while also refocusing its 15-strong estate in Shanghai on flagship and central stores.

M&S' overseas expansion comes as it continues to struggle in its traditional UK market.

Annual profits for M&S were recently overtaken for the first time by Next, the high street clothing retailer.

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