Marks & Spencer is cutting prices at its Indian stores as it looks to reposition itself as a mid-market player, hoping to shake off its premium perception among Indian consumers. “We want Indian customers to walk in and be surprised at our range and pricing,” said Mark Ashman, CEO of Marks & Spencer Reliance India. “We have cut prices and we can go further. We want to expand the customer base in every category. We want to be a high-volume, low-margin player here.” Marks & Spencer has lowered its entry price points in almost every category since the spring/summer season this year, with cuts of up to 20%.
India is the first country Marks & Spencer has looked to bring in a price change. In order to fund the price reduction programme, the retailer is looking to increase its sourcing from India and Bangladesh to 70% over the next four years, from 35% currently.