17 November 2023, Mumbai
An iconic retailer of 'British Quality Goods'
Marks & Spencer (M&S), a British multinational retailer founded in 1884, has been on a growth trajectory in India since its foray in 2008.
The company plans to continue opening new stores and ramp up existing ones in India, with a focus on strengthening the home segment.
M&S India has been on a growth spurt with operating revenue rising 53% and net profit growing rapidly.
Lingerie and winterwear have always been the best-sellers for M&S globally and account for a large part of its India revenue as well.
The company is positioned in the mid-to-premium segment and is the second-largest international operation for M&S outside the UK.
Expanding Presence in India
M&S India currently has over 100 stores in the country and plans to continue opening new stores and ramping up existing ones.
This expansion is taking place at a time when M&S is closing numerous outlets in its home market of the UK. India is a key growth market for M&S, and the company is committed to expanding its presence here.
Strengthening the Home Segment
One of the key focuses of M&S India's expansion plans is strengthening the home segment. This includes expanding the range of kitchen, bathroom, bedding, and home accessories products.
Lingerie body care and cosmetics products are also selling well in India, and M&S India is expanding its offerings in these categories as well.
Driving Growth through Online Sales
In addition to expanding its physical store presence, M&S India is also driving growth through online sales. The company sells its products through various online channels, including its website and third-party marketplaces.
Online sales account for a quarter of M&S India's total sales, and this proportion is expected to grow in the future.
Positioning in the Mid-to-Premium Segment
M&S India is positioned in the mid-to-premium segment of the Indian retail market. This positioning is consistent with M&S's global brand positioning and has been well-received by Indian consumers.
Second-Largest International Operation for M&S Outside the UK
M&S India is the second-largest international operation for M&S outside of the UK. This is a testament to the company's success in the Indian market.
Overall, Marks & Spencer India is a success story in retail. The company has a strong track record of growth and is well-positioned for continued success in the future.
Interesting Points:
- M&S India has been on a growth spurt, with operating revenue rising 53% in 2022 and net profit growing rapidly.
- Lingerie and winterwear are the best-sellers for M&S India.
- M&S India has around 6,000 styles in its versatile product portfolio.
- The company has a strong focus on brand recall and customer awareness.
- M&S India is positioned in the mid-to-premium segment of the Indian retail market.
