Al Futtaim has bought the retail business of Marks & Spencer (M&S) in Hong Kong and Macau as the Dubai-based conglomerate expands a portfolio brands that includes Guess and Tommy Hilfiger.
Al Futtaim, which has a presence in 29 countries across the Middle East, Africa, Asia and Europe, and UK-based Marks & Spencer did not disclose the value of the deal. Al Futtaim, which has partnered with Marks & Spencer since 1998, operates four divisions: automotive, financial services, property and retail.
The sale of the 27 stores was completed on December 30 and makes Al Futtaim the sole franchisee for M&S in Hong Kong and Macau, the companies said on Tuesday. As a result of the sale, Al Futtaim now operates 72 M&S stores across 11 countries in Asia and the Middle East.
"We are delighted to strengthen our long-term partnership with M&S and expand Al Futtaim's international footprint to Hong Kong and Macau," said Stephen Rayfield, vice president of M&S and sports and lifestyle division at Al Futtaim.
"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."
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Retail operators in the UAE are venturing further afield to boost profitability as the domestic sales markets weaken because of the economic slowdown and job cuts.
Dubai-based conglomerate Majid Al Futtaim is expanding its brands and building malls in Egypt and the Arabian Gulf region to buoy sales. Last year, it bought Retail Arabia's Geant stores and added them to its Carrefour portfolio.
M&S made the sale after a review of its international business in November 2016, when the company proposed to operate with fewer wholly-owned businesses.
"We have substantially reshaped our international business, which has improved profitability and positioned us for growth," said Paul Friston, M&S's international director.
"As one of the world's leading retail operators, with strong logistics capabilities and local expertise, Al Futtaim is the ideal partner for us to develop and grow our business in Hong Kong and Macau."
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The%20specs
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UAE and Russia in numbers
UAE-Russia ties stretch back 48 years
Trade between the UAE and Russia reached Dh12.5 bn in 2018
More than 3,000 Russian companies are registered in the UAE
Around 40,000 Russians live in the UAE
The number of Russian tourists travelling to the UAE will increase to 12 percent to reach 1.6 million in 2023
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UK
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Ministry of Interior
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General Organisation of Radio and TV
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
