M&S which holds 51 per cent stake in the JV with Reliance is planning to open 50 stores by 2014. According to its, chief executive in India, Mark Ashman, the company plans to open six to eight outlets in the next fiscal. For the new stores, M&S is looking at an area of over 25,000 sq. ft. The focus will be on big stores so that they can put their entire catalogue. The JV was set up to sell items such as apparels and household equipment.
Apart from retailing the company is also looking at scaling up their sourcing from India. In 2009, 35 per cent was local sourcing now they plan to step it up to 70 per cent in the next four years. Sir Rose said the company is planning huge investments in India, which will grow at 10 per cent. He said M&S is absolutely convinced that India is the market during the next 10 years hence they are laying the foundation for it right now. The brand is also working with a lot of consultants and investing 750 million pounds to reorganize the supply chain.
M&S is UK?s leading retailer that sells high quality, great value clothing and home products, as well as outstanding quality food. Reliance Retail Limited (RRL), a subsidiary of India?s biggest corporate house Reliance Industries Limited, was set up to lead Reliance Group?s foray into organized retail with a vision to generate inclusive growth and prosperity for farmers, vendor partners, small shopkeepers and consumers. Keeping in line with its commitment of providing customers with best quality products, RRL has forged strategic partnerships with world-class companies such as Marks & Spencer (apparel and accessories), Office Depot (office stationery), Pearle Europe (optical products) and Hamleys (toys).