Marks & Spencer plans to open 100 stores in India by 2016
MUMBAI (Reuters) - Britain's largest clothing retailer Marks & Spencer(MKS.L) on Tuesday said it will open a hundred stores in India by 2016 instead of 86 as planned last year.
The clothing retailer, which runs 40 stores in the country, said its Indian same-store-sales grew 13 percent in the fiscal year ended March 2014.
Same-stores-sales is a key performance metric for retailers and measures sales growth at stores open for more than a year. Comparative figures from a year earlier were not available.
Three years ago, M&S identified India as a priority market and Chief Executive Marc Bolland last year said the company planned to offer more stylish and fashionable clothes to Indians after years of struggling with brand positioning in the country.
M&S faces tough competition in India from the world's biggest fashion retailer Inditex SA (ITX.MC) and its Zara brand.
Marks & Spencer operates in India in a joint venture with Reliance Retail, a unit of billionaire Mukesh Ambani's Reliance Industries (RELI.NS).
"Together with our partner Reliance Retail, we are continuing to invest into accelerating our growth in India as we build a leadership position in the market," said Venu Nair, Managing Director of Marks & Spencer Reliance India.
(Reporting by Nandita Bose; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- UPDATE 3-Rebels likely downed Malaysian jet 'by mistake' -U.S. officials
- Rebels likely downed Malaysian jet 'by mistake' - U.S. officials
- Analysis - Argentine default in balance as government refuses to capitulate
- Italy gives Google 18 months to change data use practices
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank on continued foreign-investor buying, while higher Asian shares also helped sentiment. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article