M&S changing dynamics in India

M&S which owns a 51 per cent stake in a joint venture launched last year with Reliance Retail, has already cut prices by up to 20 per cent in categories such as menswear for its Indian buyers. The company will continue to lower prices this autumn, allowing it to offer great value to customers. This is part of the retailer`s efforts to “Indianise” itself. Local sourcing from India and Bangladesh ahs made this price cut possible. The company wants to increase the percentage of such sourcing to 70 per cent in the next five years compared with 40 per cent now. Pricing is just one part of the company`s strategy to make the brand`s presence felt on the Indian shores. They are also changing the styling, colour patterns and designs for India – the first market where it is deviating from the global strategy. They are also now focusing on new large format stores of around 15,000-20,000 sq ft as against the earlier 6,000 sq. ft.