Marks & Spencer India to open two additional stores in Hyderabad by year end

HYDERABAD: Marks & Spencer India will look to add another four stores across Southern India by 2015, including two in Hyderabad by December 2014. At the launch of its flagship store in Hyderabad, managing director of M&S Reliance India Venu Nair said that the company was well on its way to achieve the 80-stores target across India by 2016, with a current tally of 42 stores.

“The revenues in the first quarter for our India business grew by 36% and saw a double digit growth across categories. Presently we are focusing on adding more brick and mortar stores,” said Venu Nair, adding that Indian customers will have to wait for an online store.

From 15,900 square feet store-within-a- store model in Hyderabad, the brand will increase its presence to 60,000 square feet across four locations. The company currently has 10 stores across Southern India.

Six year-old M&S India, which entered the market through a joint-venture with Reliance Retail, pegs its local sourcing at 60%. “The Indian sub-continent contributes majorly to our cotton and linen sourcing which varies across the season. Location is key for the business though rentals are a concern,” said Nair, adding that M&S India was among the few large format global retailers in India.