UK retail giant Marks and Spencer (M&S) has struck a deal with Reliance to establish itself as a mid market retailer in India. M&S CEO Stuart Rose said that they have chosen Reliance as both of them work on same principles and the Indian giant has a good understanding of the market.

 

M&S already has 14 stores in India, which it had opened in a joint venture along with Planet Retail. Mr. Rose said that they have convinced Mr. VP Sharma of Planet Retail before going ahead with their plans. M&S hopes to establish its identity in India as a mid market retailer same as that of UK in terms of price, quality, service etc. It plans to increase its overseas revenues to 20% from the current 7%.

 

Mr. Rose also said that they have chosen Reliance since it has a very good understanding of the property market laws of India. The joint venture is sure to promote some quality products in the Indian markets.