Marks & Spencer is in talks with several companies in India about setting up a joint venture in the country as part of a £1.1b push into emerging markets. The Times
M&S wants to double international revenues within five years.
M&S has 12 outlets in India under a franchise agreement with Planet Retail Group, which is also behind the roll-out of Debenhams and The Body Shop. A separate joint venture in India would accelerate M&S expansion.
India allows single-brand retailers to own up to 51% in a joint venture with a local partner. Multiple-brand retailers are restricted to franchise and wholesale operations.