Marks & Spencer (M&S), the British retailing group, yesterday unveiled a plan to further expand its presence in Asia, despite disappointing profits in the region and economic turmoil gripping several countries.
Releasing its interim results for the half year to 27 September, the company said it hoped to have at least 15 stores in Hong Kong by 2000, up from 10.
It will also open its first store in Shanghai in the next two years.
It has decided to take a new look at building an M&S business in Japan, where it already has franchised its US Brook Brothers stores. Two years ago, it rejected Japan as a market for expansion.
The moves, part of a GBP2.1 billion (about HK$27.2 billion) expansion plan for the group in Britain, Europe and the Far East, come after lacklustre results at the company.
The fall in the number of tourists visiting Hong Kong, economic difficulties in the region, as well as a strong sterling, led to a low 5.7 per cent increase in Far East turnover to GBP70.2 million, while operating profits slumped 19.4 per cent to GBP10.8 million.
