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British retailer Marks & Spencer (M&S) intends to nearly double the number of retail stores in India from 42 to 80 within two years.
Opening its flagship store close to the IT hub of Hyderabad , Venu Nair, Managing Director of M&S Reliance India, said: “The company has had a fantastic journey in the last six years offering stylish clothing of exceptional quality.”
“This is the 10th store in South India. We are planning to add two more in Hyderabad within two months. They are expected to come up in GVK One and Prestige malls,” he added. The company opened its first store in India in 2001 and in April 2008, entered into a joint venture with Reliance Retail. Established in 1884, M&S currently has over 800 stores in the UK and over 460 international outlets across Europe and Asia.
“For M&S, the growth in India is successful across all categories. The sourcing of apparel is from over 50 countries worldwide. As a global retailer, we decide on sourcing from the most competitive places. The Indian sub-continent, too, is a base for sourcing apparel, but varies depending on the season and customer choice,” Nair explained.
“The market is expanding and our brand is well accepted for its stylish, exceptional quality and affordable price. There is a growing loyal customer base. All stores are developed on our own, there is no franchise model,” he said. Outside the store, there were well groomed vintage cars from Buick, Plymouth, Austin, etc, displaying some of the classic British cars.
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