Marks & Spencer is in talks with several Indian companies about launching a joint venture that could accelerate its expansion in the country.
M&S has 12 outlets in India as part of a franchise agreement with Planet Retail Group and has identified the country as key to its international expansion.
M&S chief executive Stuart Rose has set a target for the retailer’s international division to generate between 15 per cent and 20 per cent of group sales within five years. China will also be a priority for expansion.
In India, single-brand retailers can own up to 51 per cent of a joint venture with a local partner, while multiple-brand retailers can only enter franchise and wholesale agreements.
An M&S spokeswoman told The Times: “We have worked with Planet Retail for six years. We are talking to them and other organisations about opportunities to grow the business, but it is too early to say what we will do.”
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