Marks & Spencer has agreed to terms to open fifty stores in India, working with Reliance Retail.
The joint venture will have an initial value of £29 million. M&S will take a 51 per cent stake, with Reliance – part of India's giant Reliance Industries conglomerate – holding the rest. Both parties have agreed to provide further funding in the future.
The stores will sell men's, women's and children's clothing plus homewares. The existing 14 M&S stores operated with franchisee Planet Retail in India will continue unaffected.
It seems just about everybody is jumping into India. I wonder how things will work for M&S; having what appears to be two operations, seems a bit unwieldy.
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