Marks & Spencer in talks to sell its Hong Kong, Macau stores

 

Mumbai: Marks & Spencer, the UK-based food and clothing retailer, is planning to sell its Hong Kong and Macau stores to franchise partner Al-Futtaim, a conglomerate based in the UAE. The deal covers only the retail business of Marks & Spencer and its Hong Kong sourcing operations will remain wholly-owned.

Mumbai: Marks & Spencer, the UK-based food and clothing retailer, is planning to sell its Hong Kong and Macau stores to franchise partner Al-Futtaim, a conglomerate based in the UAE. The deal covers only the retail business of Marks & Spencer and its Hong Kong sourcing operations will remain wholly-owned.

However, it is speculated that it might take months to give the final shape to the deal.

The latest move has come after Marks & Spencer reviewed its international business in November last year and decided to close over 80 stores in domestic and international markets.

The British retailer has been operating in Hong Kong since 1988. It currently runs 27 shops in the region.

Al-Futtaim and Marks & Spencer have been working in partnership since 1998. The company currently operates 43 Marks & Spencer stores across seven markets in the Middle East, Singapore and Malaysia.