TCS likely to close additional deals worth $1 billion with Marks & Spencer

TCS and Marks & Spencer partnership dates back over a decade. The company is in line to renew its existing five-year engagement with M&S, and this deal will mark 2023’s biggest deal win for India’s top software exporter.

After announcing a multi-year, multi-million-dollar deal with Marks & Spencer last July, TCS is set to close additional contracts worth $1 billion with the British fashion retailer, The Economic Times reported.

Last year, a company official told PTI that the demand for IT services remains strong in Europe and the UK despite macro headwinds like inflation, rate tightening, and political turmoil in the UK and the ongoing Russian invasion of Ukraine.

TCS and Marks & Spencer's partnership date back over a decade. The company is in line to renew its existing five-year engagement with M&S, and this deal will mark 2023’s most significant deal win for India’s top software exporter.

“Apart from the 2018 deal renewal, there are multiple additional deals in the pipeline with a cumulative value of over $1 billion that M&S is expected to close,” an industry executive in the know told The Economic Times.

Moneycontrol could not independently verify the report.

In 2018, TCS expanded its relationship with Marks & Spencer to enable it to become a digital-first business.