M&S plans Indian joint venture

MARKS & Spencer, Britain's biggest clothing retailer, plans to set up a joint venture in India, a newspaper in the country claimed yesterday. Three or four Indian firms are interested in working with M&S in the venture, which will be 51 per cent owned by the British firm, the paper said, citing an unnamed industry source. M&S, which has about 20 franchises operated by India's Planet Retail, will also sell food and home furnishings under the new format, the paper added. India allows single-brand retailers to own up to 51 per cent in a joint venture with a local firm. Multiple-brand retailers are restricted to franchise and licence operations. M&S chief executive Stuart Rose recently unveiled a major push into international markets. This article: http://business.scotsman.com/retail.cfm?id=1826752007