Iconic British brand Marks & Spencer will continue to expand its brand presence in India despite deciding to close down its 53 wholly-owned stores across 10 markets including seven stores in France and 10 stores in China, the company said while announcing half yearly results. The retailer will also shut down close to 30 stores in UK but this move will not impact its India operations.
With 58 Marks & Spencer stores across 27 Indian cities, India has the largest number of M&S stores outside of the UK. M&S is also continuing to grow its online reach across the country via leading fashion platforms Myntra and Ajio.
According to the company through its joint venture partnership with Reliance Retail, M&S has been continuing to grow its presence across in India by opening around 10 new stores every year, which it sets to continue.
“Customers are at the heart of everything we do at M&S. The Marks & Spencer brand really resonates with customers in India and combined with our established store estate, online offering and the growth potential in the Indian market, M&S will continue to grow in scale and relevance in the country,” Venu Nair, MD of M&S Reliance India said.
M&S has 268 franchise stores in 34 markets, and an established joint venture in Greece, as well as India. The company also trades online in 21 markets reaching customers through its fully localised owned and operated websites, via established marketplaces such as Myntra in India and Zalando in Europe and with its established franchise partners.
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