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 on Wednesday.
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.
According to the Macau Post Daily, 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).