Marks & Spencer has confirmed the sale of its 27-store business in Hong Kong and Macau.
Last year the UK retail giant reportedly commenced discussions with long-term franchise partner Al-Futtaim, which already operates its stores across seven markets in the Middle East, Singapore and Malaysia.
The retailer confirmed that Al-Futtaim will become the new sole franchisee for M&S in Hong Kong and Macau, reports the Irish Independent.
The move comes as 'part of efforts to cut the group's wholly owned international businesses under a wider overhaul announced in November 2016'.
The retailer has reportedly worked with Al-Futtaim, which runs a total of 72 M&S stores for the past 20 years.
© 2017 - Checkout Magazine by Donna Ahern