Marks & Spencer plans to increase its international profits by 40% with the opening of 250 new stores, the retailer announced yesterday.
Marc Bolland, chief executive, revealed that it will open new flagship stores in key cities in India, Western Europe and the Middle East, with the aim of growing its international sales by 25%.
“Our strategy of becoming an International, Multi-channel retailer is more relevant than ever before because of the strong growth potential of International markets,” he added.
The news follows the announcement last month that M&S had opened its world-first lingerie and beauty store in Saudi Arabia.
It plans to open a further eight standalone stores in Saudi Arabia in the next two years, in addition to its two new full-line stores in Jeddah and Riyadh opening this summer.
The retailer will also roll out its new Marks & Spencer Lingerie & Beauty stores in India, as part of its growth strategy to establish a leadership position in the market with its joint venture partner Reliance Retail.