Marks and Spencer (M& S), a well known UK based apparel retailer, is set to expand its footing in the Indian market in collaboration with Indian retail giant Reliance Retail, a subsidiary of Mukesh Ambani led Reliance Industries Limited (RIL).
M & S stores currently spread across 41 countries, including India, and is known world over for its cutting edge apparel wear and luxury food products. It is the number one provider of women’s-wear and lingerie in the UK, and is swiftly expanding its market into menswear, kidswear and home decor. As a part of its joint venture with Reliance Retail, it currently operates 19 stores in India, and plans to open 10 additional stores within a few years.
CEO of M&S, Marc Bolland, reported on the company’s plans saying, “We have accelerated the pace of growth in the Indian market, in working with our partner Reliance Retail. Over 50 percent of our products are sourced from the region, which provides a better tailored proposition for Indian customers.”
By collaborating with Reliance Retail, Marks and Spencer hopes to reach further into the booming fashion and apparel wear market of India. Having tied up with many an international brand, Reliance Retail hopes to cater to the demand for high end fashion and apparel segment in India. Marks and Spencer have been known for high-quality and fashionable apparel range, and in an effort to expand their segment size, M&S will soon set up new stores.
Reliance Retail already has a strong presence across India via its value based and specialty formats. The value formats include Reliance Fresh, Reliance Mart and Reliance Super while its specialty format includes Reliance Digital, Reliance Trends, Reliance TimeOut, Reliance Footprint, Reliance Wellness, Reliance Jewels, Reliance Autozone and Reliance Living.