Marks & Spencer, To Set Up Own India Shop

Economic Times:

High-street’s top brand and Britain’s marquee retailer, Marks & Spencer (M&S), is planning to set up a a 51:49 joint venture (JV) in the country. The move is part of a larger global business strategy which is betting heavily on China and India for growth. Three-four Indian partners are interested to partner the foods-to-apparel retailer, given that single brand retailers are allowed equity only upto 51%.

Buying into the Indian middle class purchasing power story, the high-street retailer is also planning to sell all kinds of food, confectionery, snacks and home furnishing in India – all under the M&S brand. Till date, it sold only clothes and lingerie through its franchisee partner Planet Retail, majority owned by Mr Sharma, an NRI settled in Indonesia.

These existing outlets may be transferred to the proposed joint venture company subsequent to its formation. Indian consumers have a soft spot for M&S which was for long the most preferred brand bought by those travelling abroad.