M&S chairman Archie Norman has said the retailer must become a “global brand” to survive for another century.
Norman told The Times that the clothing and food retailer was eyeing further international expansion following signs its turnaround strategy was paying off.
He said: “We would like M&S to be here for another 100 years, but to do that it has ultimately got to become a global brand.
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“I think we see that as the phase after this one,” he said.
M&S, which sells its products online and through partner retailers in more than 100 countries, saw its international sales jump 11% last year to £1.1bn. A quarter of its revenue came from the Republic of Ireland.
The retailer reported strong demand for its goods in India and Europe, with the firm opening a distribution centre in Croatia last July to support EU fulfilment.
However, this isn’t the first time the retailer has expanded its presence overseas.
M&S’ previous international ambitions fell flat when the firm pulled out of ten countries including China and France back in 2016.
The retreat back to the UK came after a disastrous acquisition of the American retailer Brooks Brothers as well as an unsuccessful flagship on the Paris’ Champs Elysées.
Norman insisted that M&S’ international reboot would steer clear of “flag planting”: “You have to choose where you compete and be strong in individual markets.”
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