London, 04-Jan-2018 — /EuropaWire/ — Marks & Spencer (M&S) has today (02 Jan 2018) confirmed the sale and franchise of its retail business in Hong Kong and Macau to its long-established franchise partner Al-Futtaim. The sale, which completed on 30 December, sees Al-Futtaim become the new sole franchisee for M&S in Hong Kong and Macau.
Al-Futtaim has worked in partnership with M&S since 1998 when it opened Dubai’s first M&S 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.”
Stephen Rayfield, Vice President M&S and Sports & Lifestyle Division at Al-Futtaim said: “We are delighted to strengthen our long-term partnership with M&S and expand Al-Futtaim’s international footprint to Hong Kong and Macau. Al-Futtaim looks forward to building on our solid foundations as we continue to enrich our customers’ lives and aspirations through the provision of quality products and services in Hong Kong and Macau.”
The sale follows M&S’s strategic review of its International business in November 2016, where M&S proposed to have a greater focus on its established franchise and joint venture partnerships and operate with fewer wholly-owned markets.
Notes to Editors
- Marks & Spencer entered Hong Kong in 1988 and now has 27 stores in Hong Kong and Macau.
- The sale relates to M&S’s owned retail business in Hong Kong and Macau only. M&S’s Hong Kong sourcing based operation will remain wholly-owned.
About Marks & Spencer
- Established in 1884, Marks & Spencer is one of the UK’s leading retailers.
- Marks & Spencer is committed to making every moment special for its customers, through its high quality, own-brand food, clothing and home products that it offers in over 1,400 Marks & Spencer stores worldwide and online.
- Internationally, Marks & Spencer trades in 50 markets, with over 400 stores and an online presence in 25 markets.
- For more information please visit: http://corporate.marksandspencer.com/
- Al-Futtaim has worked in partnership with Marks & Spencer since 1998.
- Established in the 1930s as a trading business, Al-Futtaim is one of the most progressive regional business houses headquartered in Dubai, United Arab Emirates. Al-Futtaim operates through more than 200 companies across four operational divisions: automotive, financial services, real estate and retail, and employs in excess of 42,000 people across 29 countries in the Middle East, Asia and Europe.
- Al-Futtaim has also acquired a strategic interest in RSH Limited which operates in the Philippines, Singapore, Thailand, Vietnam, Hong Kong, Indonesia, Malaysia and the Middle East.
- Since 2008, Al-Futtaim has also owned Robinson Group, Singapore’s signature department store chain and specialty stores.
- For more information please visit: www.alfuttaim.com
For further information, please contact:
M&S Corporate PR Office +44 (0)208 718 1919