Marks & Spencer sells retail business in Hong Kong and Macau to Al-Futtaim
Marks & Spencer has sold the franchise of its retail business in Hong Kong and Macau to its longstanding franchise partner Al-Futtaim.
The sale means that Al-Futtaim has become the new sole franchisee for Marks & Spencer in Hong Kong and Macau.
The retailer has been working with Al-Futtaim since 1998 when it opened Dubai’s first Marks & Spencer store. Following the purchase of 27 Marks & Spencer stores in Hong Kong and Macau, Al-Futtaim now operates 72 Marks & Spencer stores across 11 markets in Asia and the Middle East.
Paul Friston, Marks & Spencer’s international director, said: “We have substantially reshaped our international business, which has improved profitability and positioned us for growth. As one of the world’s leading retail operators, with strong logistics capabilities and local expertise, Al-Futtaim is the ideal partner for us to develop and grow our business in Hong Kong and Macau.”
The sale follows a strategic review by Marks & Spencer of its international business in which it decided to increase its focus on its established franchise and joint venture partnerships and to operate with fewer wholly-owned markets.
