Marks & Spencer intends to open 250 new stores outside the UK in the next three years as part of significant global expansion plans.
Marc Bolland, chief executive, revealed that the high street retailer is looking to grow its international sales by 25pc and profits by as much as 40pc.
Although it is retrenching in China - closing or relocating up to a third of its existing stores in Shanghai and seeking help from a local partner before it expands nationwide - it will open new stores in western Europe, India and the Middle East. Its plans include flagship stores in major cities but also 20 standalone food stores in Paris and a collection of new dedicated lingerie and beauty stores.
Marks & Spencer Lingerie & Beauty has already opened at two locations in Saudi Arabia, with 10 further stores planned in the next two years.
M&S has also earmarked 20 sites in India for the lingerie and beauty concept, which is smaller than the company’s traditional stores. In total, M&S wants to have 100 stores in India by 2016.
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