The purchase includes 27 stores, which will continue to trade under the Marks & Spencer name.
The acquisition follows M&S’ decision to shutter international stores and focus on British ones in a bid to boost profits.
“We have substantially reshaped our international business, which has improved profitability and positioned us for growth,” said Paul Friston, Marks & Spencer’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.”
Headquartered in Dubai, Al-Futtaim had long been an international M&S franchise partner. It launched its first store in Dubai in 1998, and had been the sole franchisee for Marks & Spencer in Hong Kong and Macau.
The company runs 72 Marks & Spencer stores in Asia and the Middle East.