M&S bullish on India but slows expansion in China, Russia

British retailer Marks & Spencer (M&S) is betting big on India market. Meanwhile the tough economic situation is leading the brand to go slow with its expansion plans in other important markets such as China and Russia.

The company ready to open doors to its 50th store in India, its highest outside home market UK. M&S operating stores in almost 60 markets globally has shut a few stores in China recently. In India, the brand is going ahead with its aggressive retail strategy opening almost 10 stores every year. A new store will be launched at Mumbai's T2 airport. The company witnessed sales growth of over 23 percent in the fiscal 2014-15 in India. As of now, it is only focusing on expansion through physical stores.

Marks & Spencer opened its first store in India in 2001 and in April 2008, the company signed a joint venture with Reliance Retail to form Marks & Spencer Reliance India. With an aim to be the most sustainable retailers across the world, the company wants to take its learnings from India to replicate it in other global markets.