Marks & Spencer announced the sale of its franchise retail business in Hong Kong and Macau to Al-Futtaim, a Dubai- based company. According to a statement, the sale completed on December 30th makes Al-Futtaim the new sole franchise for Marks & Spencer.
Paul Friston, Marks & Spencer’s international director, 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.”
Stephen Rayfield, vice president M&S and sports & lifestyle division at Al-Futtaim added: “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.”
Al-Futtaim and Marks & Spencer worked together since 1998 when M&S started operating in Dubai. 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.