Increased Investments and market right customer offering drives strong growth
New Delhi, India
· Total Revenue increased by 12.3% to 1020.1 Cr. (FY17/18, 908.6 Cr.)
· Profit before tax increased by 16.2% to 76.9 Cr. (FY 17/18, 66.3 Cr.)
· Profit After Tax 122.0 Cr. (FY17/18, 66.3 Cr.) including deferred tax credit 1
· Further market investment with record 16 new stores opened this year and a further 14 modernised
· Progress in expanding appeal to local customers using in-market expertise and knowledge
Marks & Spencer Reliance India, the iconic British brand, has continued its growth and expansion in the market with a strong financial performance in FY18/19.
Increasing market relevance
The growth this year in India comes as a result of increased local investment: including 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 M&S India collections balancing a mix of western contemporary fashion that M&S is famous for, alongside fabrics, colour, quality and price points that are attractive to local customers, the business has seen strong volume uplifts through the year.
For example, after shaping our denim range to local consumer tastes, we saw significant increases in sales volumes, with total denim sales up 86% 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.
Increased pace of store openings across market
M&S opened 16 new stores, including 7 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 meaning customers able to shop with M&S more easily than ever before.
