Marks & Spencer India sees a spurt in revenue as it grows 12 per cent
By Shubhangi Bidwe
15 Nov 2019
Marks & Spencer’s revenues in India have grown 12.3 per cent. Profit before tax increased by 16.2 per cent. The iconic British brand opened 16 new stores, including seven standalone lingerie outlets, across the country and modernised a further 14, bringing the total number of stores to 83. M&S is now open in 33 cities across India and has a presence across several different online marketplaces.
Growth in India this year is a result of increased local investment: including a record number of store openings in a financial year alongside ongoing price and product quality - in order to broaden the appeal of M&S to more customers across the country. With the collections balancing a mix of western contemporary fashion that M&S is famous for, alongside fabrics, color, quality and price points that are attractive to local customers, the business has seen strong volume uplifts through the year. For example, after shaping its denim range to local consumer tastes, the company saw significant increases in sales volumes, with total denim sales up 86 per cent year on year. The business also ran an Indian-specific marketing campaign, Rethink, the first of its kind outside the UK, in order to increase consumer awareness and drive footfall to stores.