Al-Futtaim buys M&S retail business in Hong Kong & Macau
United Kingdom : Al-Futtaim buys M&S retail business in Hong Kong & Macau – Apparel News United Kingdom
Al-Futtaim has acquired the retail business of Marks and Spencer (M&S) in Hong Kong and Macau. The sale completed on December 30, 2017 after several discussions, now sees Al-Futtaim become the new sole franchisee for M&S in Hong Kong and Macau. Al-Futtaim has worked in partnership with M&S since 1998 when the first M&S store was opened in Dubai.
“We have substantially reshaped our international 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,” said Paul Friston, Marks & Spencer’s international director.
“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,” Stephen Rayfield, vice president M&S and sports & lifestyle division at Al-Futtaim said.
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.
Al-Futtaim operates 43 M&S stores across seven markets in the Middle East, as well as in Singapore and Malaysia. Most recently Al-Futtaim has extended the reach of M&S’s popular chilled food to three markets, and will shortly be opening the first standalone M&S food store in the Middle East. (RR)