Last Updated: 29/02/2008  09:29

M&S buys 50% of Greek unit

Marks & Spencer said it has bought a 50 per cent stake in Marks & Spencer Marinopoulos from Greek partner Marinopoulos Group for €50 million in cash.

The retail group said the joint venture operates 38 Marks & Spencer stores in Greece, Romania, Bulgaria and Switzerland, and that it plans to open up to 50 new stores in these markets over the next few years.

Marks & Spencer said the move is in line with its plans to invest in existing franchise partners to facilitate faster growth and improved operating efficiency.

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