Marks & Spencer’s revenues in India have been growing at a CAGR of 24 per cent in the last few years. The retailer, which came to India in 2001, expects to cross Rs 1000 crores in sales this fiscal. It has had a focus on markets beyond the top ten metros as consumers’ purchasing power and disposable income have increased along with awareness of fashion brands.
A fifth of M&S’ turnover comes from small cities and 65 per cent of the sales comes from women’s wear followed by 20 per cent from children’s wear. The company currently has about 70 stores and plans to open nine stores every six months for the next two years across formats. M&S operates large format departmental stores, where it sells apparels, cosmetics, footwear and lingerie. It also has standalone stores for lingerie and cosmetics, one of its fast selling categories.
India has become the largest market for the British brand outside the UK in terms of store network. Expansion in India also comes at a time, when M&S is rationalising its store network by downing shutters in many markets, including in the UK. The plan is to shut about 100 stores by 2022.