UAE-based conglomerate Al-Futtaim has acquired the retail business of Britain’s Marks & Spencer (M&S) in Hong Kong and Macau.
The sale of the 27 stores, completed on December 30, follows a November 2016 review of the brand’s international business with a focus on fewer wholly owned outlets.
It makes Al-Futtaim the sole franchisee for the M&S brand in the two territories.
“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,” said vice president of Al-Futtaim’s M&S and sports and lifestyle division Stephen Rayfield
Al-Futtaim now operates a total of 72 M&S stores across 11 markets including Bahrain, Kuwait, Lebanon, Malaysia, Oman, Qatar, Singapore and the United Arab Emirates, where it opened Dubai’s first M&S in 1998.
The value of the transaction was not disclosed.