Al Futtaim, a leading regional business house headquartered in Dubai, UAE, said it has reached an agreement with the British retailer Marks & Spencer to acquire its franchises in Hong Kong and
Macau.

The sale, which was completed last week, will see Al Futtaim become the new sole franchisee for M&S in Hong Kong and Macau covering 27 Marks & Spencer stores in the country.

Al Futtaim has worked in partnership with M&S since 1998 when it opened Dubai’s first M&S store. With this move, Al Futtaim now operates 72 Marks & Spencer stores across 11 markets in Asia and the Middle East.

Stephen Rayfield, the VP for Marks & Spencer 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," he added.

Paul Friston, the international director at Marks & Spencer’s, said: "We have substantially reshaped our overseas 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 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, he added.-TradeArabia News Service