British retailer Marks and Spencer, who had recently signed a joint venture with Mukesh Ambani-led Reliance Retail in India, has planned to add around 50 new stores to its existing tally of 14 stores in the country by the next five years.
“In addition to the existing 14 franchise stores that we already operate in India, plans are to open around 50 new stores within the next five years,” M&S said while announcing their financial results in the country. The company said the store-opening plan is “an important step towards achieving the goal of establishing M&S as a major retail brand in India.”
Announcing preliminary results for the year ended March 2008, M&S said its international profits rose by 33 per cent and it added 20 per cent space during the year in international locations.
