Marks & Spencer Sells Hong kong Business To Al Futtaim
BY - Vaishnavi Gupta
Senior Correspondent, IndianRetailer.com & Retailer Magazine Jan 05, 2018 / 1 MIN READ
Senior Correspondent, IndianRetailer.com & Retailer Magazine Jan 05, 2018 / 1 MIN READ
Marks & Spencer has sold its retail business in Hong Kong and Macau to its franchise partner Al-Futtaim as it retreats from international markets to focus on its core business in Britain.
Al-Futtaim, which already operates 72 M&S stores across 11 markets in Asia and the Middle East, purchased 27 shops in the deal, which completed on Dec. 30.
The move follows a strategic review by M&S in November 2016, in which the company laid out plans to shut more than 80 stores at home and abroad as well as to seek joint ventures and franchise partnerships.
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This new store is the 2nd store in Indore and the 3rd in Madhya Pradesh.
For M&S's third quarter to Jan. 6 analysts are on average forecasting a 3.4 percent fall in like-for-like clothing and home sales much worse than the previous quarter's 0.1 percent fall
Six UK stores would close by the end of April while a further eight had been identified for closure.
M&S opened its first store in 2001 and has grown to 63 stores across 28 cities, including 20 in emerging markets such as Bhopal, alongside an increasing presence in online marketplaces
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