India becomes Marks & Spencer second largest market, expects double-digit growth next fiscal
India has become the second largest market for British retailer Marks & Spencer in terms of sales after the UK. M&S had clocked revenue of Rs 908 crore ($131.7 million) in India for the fiscal 2017-18 and expects strong growth going forward on the back on its retail expansion.
The company recently strengthened its retail presence in the country with the addition of two new stores in the cities of Chennai and Hyderabad to take its store count to 76 in the country.
M&S considers India to be an important market for growth and will continue to invest in store openings with focus on metros and tier 2, 3 cities.
"India has now the largest market for us outside the UK. For M&S, India is a strategic market, where there is acceptance of international brands and has space to grow," Marks & Spencer India managing director James Munson told PTI.
"In FY 2019-20, we would continue double-digit growth in terms of store addition on a like-to-like basis," Munson added.
M&S entered the Indian market with its first store in 2001 and later entered into a partnership with Reliance Retail to further expand its retail presence in India. It also sells online through its several channel partners.
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