UK retail giant Marks & Spencer (M&S) is reportedly poised to ramp up sales of external fashion brands alongside its own label, as it moves closer to a traditional department store model.

M&S, which currently shares co-leadership of a select group of brands with Next, has been adding other labels through wholesale concession deals, licensing agreements and outright ownership.

According to the Telegraph, M&S plans to increase the number of third-party brands it sells from 60 to 100. The move is part of the company's strategy to compete with Next and mid-market department store John Lewis.

M&S's management team reportedly believes third-party sales could reach £1bn ($1.37bn), a significant increase on the previous medium-term goal of £400m in sales.