UK based Marks & Spencer announced to open 100 stores in India

UK based Marks & Spencer announced that the company will open 100 stores in India by 2016.

Created On: May 21, 2014 17:20 ISTModified On: May 21, 2014 17:22 IST

UK based Marks & Spencer on 20 May 2014 announced that the company will open 100 stores in India by 2016. Earlier it had planned to open 86 stores in India.

At present, Marks & Spencer (clothing retailer) operates 40 stores in India and it same-store-sales grew 13 percent in the fiscal year 2013-14.

Same-stores-sales is a key performance metric for retailers and measures sales growth at stores open for more than a year.

About Marks & Spencer
• Mark & Spencer was founded in 1886 and is headquartered at Leeds.
• Marks & Spencer operates in India as a joint venture with Reliance Retail, a unit of Mukesh Ambani led Reliance Industries.
• M&S faces tough competition in India from the world's biggest fashion retailer Inditex SA (ITX.MC) and its Zara brand.
• Managing Director of Marks & Spencer Reliance India- Venu Nair

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