M&S to open 50 new stores in Central and South East Europe

UK retail chain Marks and Spencer Group said on Friday it has acquired 50% of M&S Marinopoulos, its franchise partner operating 38 M&S stores in Greece, a number of Balkan states, including Romania and Bulgaria, and Switzerland for EUR 50 mln cash. The joint venture plans to open up to 50 new stores in these markets over the next few years.

The move is in line with M&S' plans to invest in its existing franchise partners where it will facilitate a faster pace of growth and greater operating efficiency. The UK retailer plans to grow its international business to 15-20% of the group revenues within the next five years.

The Marinopoulos Group, one of Greece's leading private sector companies, has been a business partner of M&S for 30 years and has exclusive rights to operate Marks & Spencer stores in Greece, Romania, Bulgaria, Serbia, Croatia, Slovenia and Switzerland under a franchise agreement. It also has rights to operate in Austria, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Albania and Montenegro where, currently, there are no M&S stores.

'We have an exciting opportunity to open many more Marks & Spencer stores in Greece and the Balkans and our joint venture with Marinopoulos will mean we can really put M&S on the map in this part of the world, Carl Leaver, director of International Business, Marks & Spencer, said.

With revenues of £8.5bn last year, M&S is one of the UK's leading retailers, offering high quality, great value clothing, as well as home products and outstanding quality food. It employs over 75,000 people and has over 600 stores in the UK and over 275 stores in 39 territories around the world.

Marinopoulos Brothers is a privately held leading group based in Greece and operating in 10 countries.