Marks and Spencer’s revenue in India is growing at a CAGR of 10 per cent. Growth has been attributed to price restructuring, local sourcing and a strong focus on women’s fashion. The pricing strategy is to focus on upper-middle-class consumers, not limited to metros. Sourcing locally has helped cut prices further. Almost 30 percent of its products are sourced from India itself. In fact, India is one the top five sourcing hubs for the company’s global business. Women’s wear and lingerie are its fastest growing businesses. The lingerie business has seen a 40 per cent growth in the last two years.
Currently, the British retailer has 10 standalone lingerie stores in key metros and Tier II cities like Lucknow and Jaipur. It plans to open six stores in the next two months, of which three will be lingerie and beauty stores. The retail major launched a revamped product range at competitive prices, and also brought in a service proposition by introducing in-store stylists. After nearly two decades of operations in India, M&S has launched its first India-specific marketing campaign.
For M&S, India is the second largest market outside the UK with 71 stores. It is the only market where M&S has a dedicated approach focused solely on the Indian consumer rather than repurposing any products launched elsewhere.