Marks & Spencer Reliance India Pvt Ltd to open 50 stores by 2014

Marks & Spencer Reliance India Pvt Ltd., a joint venture between Marks & Spencer Group PLC (MKS.LN) and a unit of India’s Reliance Industries Ltd. (500325.BY), is on track to open 50 stores by 2014, its chief executive said Wednesday.

“We plan to open six-eight outlets in the next fiscal year,” Mark Ashman told reporters on the sidelines of an industry conference.

The joint venture was set up to sell items such as apparels and household equipment.

It aims to source 70% of the raw materials for the products it sells by 2014 in an attempt to keep costs low, Ashman said.

Source:http://online.wsj.com/article/BT-CO-20100210-707053.html?mod=WSJ_latestheadlines

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