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Al-Futtaim buys Marks & Spencer's retail business in Hong Kong and Macau

RBR Staff Writer Published 03 January 2018

UAE-based Al-Futtaim has acquired the retail business of Marks & Spencer (M&S) in Hong Kong and Macau.

Financial terms of the acquisition have not been disclosed.

Al-Futtaim will now become the sole franchisee for M&S in Hong Kong and Macau.

The sale includes 27 of M&S’s stores and with this Al-Futtaim now operates 72 Marks & Spencer stores across 11 markets in Asia and the Middle East.

M&S stated that Al-Futtaim has been its long-term franchise partner, which has been working with it since 1998, when it opened its first store in Dubai.

M&S international director Paul Friston said: “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.” 

The sale is part of M&S' review of its international business in November 2016, when it proposed to focus more on its established franchise and joint venture partnerships and to operate with fewer wholly-owned markets.

Al-Futtaim M&S and sports & lifestyle division vice president Stephen Rayfield 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.”


Image: M&S Queensway Hong Kong cxterior. Photo: Courtesy of Marks and Spencer plc.