UAE’s Al-Futtaim said to be in talks to buy M&S business in Hong Kong, Macau
UK retail giant Marks & Spencer reportedly in discussions over deal for Hong Kong and Macau operations
UAE-based conglomerate Al-Futtaim is reportedly in talks with UK retail giant Marks & Spencer for the possible purchase and franchising of its business in Hong Kong and Macau.
The UK’s Financial Times said the talks could see Al-Futtaim become the sole franchisee for M&S in Hong Kong and Macau, adding that M&S has operated in Hong Kong since 1988 and has 27 stores in the city.
Al-Futtaim has worked with M&S since it opened the British retailer’s first store in Dubai in 1998.
The deal covers only the company’s retail business and its Hong Kong sourcing operations will remain wholly-owned, the FT added.