Retailer Marks and Spencer, a mainstay on British high streets and a long established presence in Hong Kong, has announced a first move into mainland China and expansion in India.
M&S Chief Executive Stuart Rose said its first outlet in China –
most likely in Shanghai – would open in the next financial year. The
group will enter China on a wholly-owned, rather than franchise or
joint venture, basis and has plans to accelerate its growth in India,
where it currently has around 10 stores. In recent years, M&S has
speeded up its franchise programme, and now has 65 franchise stores in
Asia Pacific.
Ten years ago, M&S announced a similar global expansion programme,
but its plans failed and the company retrenched its overseas
operations. However, six months of solid sales figures have engendered
new confidence. It posted pre-tax profits of GBP451.8m for the
half-year to September 29, 11.5 per cent up on last year.
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