Marks & Spencer will open six more stores in India in the next two months. Now there are 71 stores across 30 cities like New Delhi, Amritsar, Mumbai, Pune, Kolkata, Bangalore, Chennai, Kochi, Bhopal, Kanpur, Hyderabad and Chandigarh.
Of the 71 stores, 10 are standalone beauty and lingerie stores. Half the stores it plans to open in the next two months would also be standalone beauty and lingerie stores. The British retailer opened its first store in India in 2001. India is the largest market for M&S outside of Britain. A fifth of the turnover comes from outside the major metros. M&S has developed a rethink campaign specifically for this market, a first globally where a campaign has been designed for the local market. However, the contribution from online to its revenues is still quite small in India, unlike in Britain where 30 per cent of its sales are online.
Internationally, Marks & Spencer sells its products in 57 markets across 400 stores and has an online presence in 33 markets. The company clocked in a revenue of Rs 908 crores last year and has been growing at a CAGR of 24 per cent over the last five years. It clocked nine per cent growth in same store sales last year.