Marks & Spencer sells Hong Kong business to partner Al-Futtaim

PUBLISHED : Wednesday, 03 January, 2018, 1:26am
UPDATED : Wednesday, 03 January, 2018, 1:26am

British chain Marks & Spencer (M&S) has sold its retail business in Hong Kong and Macau to its franchise partner Al-Futtaim.

The decision was made as part of a retreat from international markets to focus on the company’s core business in Britain, the company said on Tuesday.

Al-Futtaim, which already operates 72 M&S stores across 11 markets in Asia and the Middle East, bought 27 shops in the deal, which completed on December 30, M&S said.

The move follows a strategic review by M&S in November 2016, in which the company laid out plans to shut more than 80 stores at home and abroad as well as to seek joint ventures and franchise partnerships.