Marks & Spencer and Reliance Retail JV to open 35 more stores
Marks & Spencer Reliance India is planning to open 35 more stores over the next five years. It already has 15 stores in India.business Updated: Apr 17, 2009 21:24 IST
Marks & Spencer Reliance India is planning to open 35 more stores over the next five years. It already has 15 stores in India. The 51:49 joint venture between UK’s Marks and Spencer and Reliance Retail Ltd was formed in April 2008.
Speaking to Hindustan Times, Mark Ashman, CEO, Marks & Spencer Reliance India said, “We will open stores in tier 1 cities in the first two years and will extend to smaller cities beginning the third year. The investment of £29 million which we announced last year will help us for our activities in the first two years.”
In UK, Marks & Spencer operates in three categories namely apparel, home and food. In India, the company has not yet entered the food category.
Explaining the way the joint venture operates between the two parties, Ashman said, “Marks & Spencer owns the brand and looks after products, store design and brand-related functions. Reliance Retail provides support in terms of helping to find out retail properties and other back end functions.”
He added that personnel from both parties were equally involved in the day-to-day operations.
First Published: Apr 17, 2009 21:23 IST