Marks and Spencer partnering Reliance Retail for India

Marks and Spencer has announced that they are going to setup a joint venture with Indian company Reliance Retail.

This would be part of their plans to expand their presence in the South Asian market.

Marks and Spencer chief executive Stuart Rose spoke about these new developments: “Reliance Retail is the ideal partner for us to accelerate our expansion and create the opportunity to open much bigger M&S stores.”

They would own 51% in this joint venture. The new entity would be named M&S Reliance India.

Both of the parties would be investing around 58 million dollars in this venture. The two companies would work on opening around 50 stores in the Indian market in the coming years.

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