INDIA: M&S to bolster local supply to new stores
UK retailer Marks and Spencer has confirmed reports it is planning to source more products from India to supply its retail operation in the country.
A spokesperson for M&S confirmed a report by livemint.com that the company will increase the amount it sources from India for stores there from 20% to 70% in the next five years.
The story was based on comments by the retailer's India chief executive officer Mark Ashman at the opening of a store in Mumbai.
M&S sealed a joint venture agreement in India with local retailer Reliance Retail last year.
The joint venture plans to open 50 stores in Indian cities under the Marks & Spencer banner in the next five years.
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