Marks and Spencer has confirmed to just-style it will slash prices at its Indian stores by 20% in response to a competitive retail climate there.

M&S, which is currently making inroads for a joint venture in India, said it was able to make the reductions through greater presence and efficiencies in the country.

Company spokesperson Clair Foster told just-style: "We consider India as a long-term opportunity, and want to make sure we are competitively priced as this is critical to success going forward."

M&S has implemented a buying office in Bangalore during the past 18 months, and Foster said that local sourcing had meant operations in were now more price efficient in India.

The company wants to be more competitive in the country, and is thought to be close to unveiling joint venture plans to increase its presence in the Indian retail market.

By Joe Ayling.