Marks & Spencer Reliance Plans to Open 50 Indian Stores in Next Five Years

Marks & Spencer dependence Mexico SA., The joint venture between Marks & Spencer Group Plc and Reliance Industries Ltd., plans to open another 50 stores in India as rising wages and increased consumer demand is a priority market for retail .

"The past year has been very successful for us and we are very happy with how things are going," said Martin Jones, executive director of the local unit, in an interview today in New Delhi. "We have a lot of investment in the country, not only in terms of stores, but now we supply many of our products in India as well." He declined to specify the company's investment in India.

The company will increase its supply in South Asia 70 percent over the next three years from the current 42 percent. The expansion of five years, the total number of stores to 70, said Jones.

The apparel market in India is expected to grow to $ 25 million this year in more disposable income and an increase in organized retail, according to a June report by McKinsey & Company.

The market in India will be the first priority for Marks & Spencer Plc, Chief Executive, Mark Bolland, said Nov. 9. Overseas sales are expected to increase from 800 million pounds (1.25 billion) and 1 billion pounds. The company, which has over 320 stores and franchises in 41 countries, opened his shop 20 in India today.

Marks & Spencer Reliance Pvt. property is part of Reliance Industries, the most valuable company in India. The joint venture was established in April 2008.