M&S TO SELL ITS HONG KONG SHOPS

914

M&S shops in the UK

50

Countries worldwide where it operates

60

Franchises in the Middle East

27

Stores in Macau and Hong Kong

57

Outlets in India

65

Franchises in Indonesia, Malaysia, Singapore and Thailand

1

Store in Bermuda MARKS and Spencer is in talks to sell its shops in Hong Kong and Macau to a Dubai-based conglomerate as it overhauls its international business.

The British retailer, which has 27 stores in Hong Kong having started trading there in 1988, is looking to sign Al-Futtaim as the sole franchisee for M&S in the region.

The move comes after the firm decided to simplify its international business. Last November M&S caused momentary panic among Hong Kong’s strong British expat community when it announced it would close 53 loss-making international stores and exit 10 markets.

Al-Futtaim, which has worked with M&S since 1998, operates in 43 of the retailer’s stores in the Middle East as well as in Singapore and Malaysia.

Most recently the conglomerate extended the reach of M&S’s popular food-to-go chilled range and will be opening its first stand-alone food store in the Middle East.

The retailer said it has now entered into a period of due diligence with Al-Futtaim, which is expected to take several months.