Marks & Spencer has sold its retail business in Hong Kong and Macau to its franchise partner Al-Futtaim, the British clothing and food chain confirmed earlier this week, international business newswires reported yesterday.
According to the report, the sale, which was completed on Saturday for an undisclosed amount, means that Al-Futtaim is now the sole franchisee of the 27 M&S shops in Hong Kong and Macau.
The reports pointed out that Al-Futtaim has partnered with M&S since 1998 when it opened Dubai’s first M&S shop. Last week’s deal means that the Dubai-based trading company now runs 72 M&S stores in 11 markets in the Far East and the Middle East, according to the reports.
The Al-Futtaim Group, headquartered in Dubai, is one of the largest conglomerates operating in the United Arab Emirates (UAE).
