Marks & Spencer: sells Hong Kong and Macau stores
(CercleFinance.com) - On Tuesday Marks & Spencer confirmed the sale of its retail business in Hong Kong and Macau to franchise partner Al-Futtaim.
The sale, which was completed on 30 December, sees Al-Futtaim become the new sole franchisee for M&S in Hong Kong and Macau.
Following the purchase of 27 Marks & Spencer stores in Hong Kong and Macau, the United Arab Emirates-based diversified group will now operate 72 Marks & Spencer stores across 11 markets in Asia and the Middle East.
Al-Futtaim has worked in partnership with M&S since 1998, when it opened Dubai's first M&S store.
Marks & Spencer said the sale followed the strategic review of its international business that started in November 2016.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The sale, which was completed on 30 December, sees Al-Futtaim become the new sole franchisee for M&S in Hong Kong and Macau.
Following the purchase of 27 Marks & Spencer stores in Hong Kong and Macau, the United Arab Emirates-based diversified group will now operate 72 Marks & Spencer stores across 11 markets in Asia and the Middle East.
Al-Futtaim has worked in partnership with M&S since 1998, when it opened Dubai's first M&S store.
Marks & Spencer said the sale followed the strategic review of its international business that started in November 2016.
Copyright (c) 2018 CercleFinance.com. All rights reserved.