Venu Nair has been appointed as the Managing Director of Marks & Spencer Reliance India – the joint venture between UK-based retailer Marks & Spencer (M&S) and Reliance India – to direct its operations in India. Nair has been the sourcing head for the £ 9.7 billion British retailer in South Asia and director of buying operations for India for a long time. Nair is likely to have a stronger understanding of the Indian market and his direct involvement in sourcing will help him head the Indian operations. He replaces the current CEO Martin Jones, who is reportedly moving back to London due to some personal reasons.
The joint venture was signed to turn the UK retailer into a “major retail brand” in India. M&S is a 51 per cent stakeholder in the company with Reliance India holding the remaining 49 per cent stake. Under the association, 24 M&S stores have been opened in the country so far while the targeted store count by next year is 50. M&S has been working towards sourcing 70 per cent of its merchandise from India. It increased its local sourcing from 38 per cent in 2010 to 50 per cent in 2011. Nair is very upbeat of India’s sourcing potential. “We (M&S) source millions of pieces of school trousers from Sri Lanka, manufactured from fabrics coming from India. Why can’t India grab this business,” he questions.
