British multinational retailer Marks & Spencer (M&S) has revealed plans to expand its international business by opening 250 stores including 20 food outlets in Paris.
The international expansion is part of M&S CEO Marc Bolland’s three-year and $3.8bn turnaround plan to transform M&S into an international multi-channel retailer, connecting with customers through stores, Internet and mobile devices.
M&S CEO Marc Bolland said they are looking to grow their international sales by 25% and profits by 40% in the next three years.
In addition to existing 455 outlets, the retailer is eyeing markets of India, China, Russia, the Middle East and Western Europe for its new stores.
In India, the retailer plans to open 100 stores by 2016, including 20 stores for its Lingerie & Beauty division.
M&S is also planning to expand its Lingerie & Beauty division in the Middle East, where it already opened two stores in Saudi Arabia and eyes ten more in the next two years.
In Western Europe, M&S plans to open 20 food and cloth stores in Brussels and Amsterdam, to add to outlets already open in Paris and Hague.
The company expects to grow its sales from the region to an estimated £250m by March 2017.
For Chinese markets, M&S is looking for franchisee to expand its store count. It has already established 15 wholly owned flagship stores in the region.