Marks and Spencer confirms the sale and franchise of its retail business in Hong Kong & Macau. Existing franchise partner Majid Al-Futtaim becomes the sole franchisee for M&S in these markets. The partners first announced their plans in August, and the deal completed at the end of December 2017.
Focus on profitable growth through franchising
The announcement is in line with M&S's international strategy, focusing on growth via profitable franchise and joint venture models, and scaling back in loss-making markets where it operates its own stores.
Majid Al-Futtaim is a long-term partner of M&S, opening its first M&S store in Dubai in 1998. It now operates 72 M&S stores in eleven markets across Asia & the Middle East.