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Marks & Spencer to open six more stores in next 60 days

Press Trust of India  |  Mumbai 

British multinational retailer (M&S) is on an aggressive pace here and is opening six more stores in the next two months alone, a top has said.

has opened its first store here way back in 2001 and in April 2008 signed a joint venture agreement with Reliance to form Reliance

It now has 71 stores across 30 cities like New Delhi, Amritsar, Mumbai, Pune, Kolkata, Bangalore, Chennai, Kochi, Bhopal, Kanpur, and among others.

"has become increasingly an important market for us. We are now the largest market for M&S outside of our home market. We are 71 stores today and we continue to invest in this market. We opened nine stores in the last six months and it is our intention to open six more in the next 60 days," Marks & Spencer Reliance told in an interview.

Internationally, Marks & Spencer hawks its products in 57 markets across 400 stores and an in 33 markets.

Munson further said they would look to maintain that expansion pace in the next year as well and said, "there are no other markets which are expanding the way we are expanding here".

Of the 71 stores here, 10 are standalone beauty and lingerie stores , including two it opened in the last nine months and said half of the stores it plans to open in the next 60 days would also be for the same.

The company clocked a revenue of Rs 908 crore last year and has been growing at a CAGR of 24 percent over the last five years, Munson said.

It had clocked a 9 percent growth in the same store sales last year.

A fifth of the turnover comes from outside the major metros, he said.

It sources 30 percent of its products from locally and India is a sourcing base for the wider British market as well.

M&S has partnered with other like and over the last few years and he said its a strong area of growth and this year they are expecting 75 percent growth in

However, the contribution from online to its revenues is still quite small here, unlike in Britain where it's targeting 30 per

M&S has developed a rethink campaign specifically for this market, a first globally where a campaign has been designed for the local market.

In Britain, is a popular segment for the company but Munson said there are no plans at present to introduce here.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, February 10 2019. 19:35 IST