When Marks & Spencer opened its first store in 2001, no one would have guessed its widespread appeal all over the country. Now, the brand has over 71 stores that are spread across numerous cities like Delhi, Mumbai, Kanpur, Lucknow, Amritsar, Pune, Chandigarh, Kolkata and a few other cities. What started off a brand that mainly targeted middle-aged women has now spread its stock to include beloved brand variants like Per Una, Autograph, and Indigo that are designed for young, working professionals and fashionistas alike. Apart from their extensive collections, Marks & Spencer also has great customer support and allows exchanges even on sales items, making this brand even more loved because of this.
Considering its huge popularity in India, this British Brand is now employing a more aggressive approach in the country and is launching 6 new stores within the next 2 months.
Marks & Spencer Revenue and Growth
In 2008, Marks & Spencer signed a joint venture deal with Reliance Retail and now operates under Marks & Spencer Reliance India (even though the stores are still named Marks & Spencer). The brand reported a revenue of 908 Crore INR in 2018, and has also been growing at a CAGR of 24% in the country. With more and more Indians experimenting with western clothing, M&S offers well-tailored and designed options for them to try out. This accounts for the fact that a fifth of their revenue comes from non-metro cities. M&S also offers clothing for men, lingerie, and kids clothing in a few select stores as well. Furthermore, a few select stores also offer a stylist’s expertise to help customers choose outfits that are right for their body types.
What about their online presence?
Like many brands, M&S does have an online presence and has partnered with a few e-tailers to sell their clothes. Amazon and Flipkart are the two main players that this brand has partnered with. Though they haven’t experienced the same success in their online avenues as they are experiencing in Britain, where a 30% of their sales occur online, they and are expecting a 75% growth in the same.
Further expansion and job generation
Apart from opening 6 stores in the next two months, Marks & Spencer plans to maintain a rate of rapid expansion over the next year. This can mean great news for job generation and local economies in smaller, tier 2 cities. M&S sources 30% of its products locally, which can mean a good revenue for local textile industries and the people working there. India is, in any case, a huge sourcing market for countries like Britain in terms of textile.
Interestingly, M&S in Britain also has food offerings, but the brand does not plan to introduce that in India as of now. While the processed and packaged foods market is growing in the country, M&S wants to stick to its brand image of being a fashion company, rather than a foods one.
M&S has already opened 9 new stores in the last 6 months.