Marks & Spencer is taking further steps to overhaul its overseas businesses by starting talks to sell its shops in Hong Kong and Macau to a Dubai-based conglomerate.
Marks & Spencer said that the talks with Al-Futtaim follow its strategic review of its international businesses last year, which signalled a greater focus on franchise and joint ventures rather than wholly-owned stores.
The Hong Kong and Macau stores would continue to trade as normal, the company said on its website.
Al-Futtaim has worked in partnership with M&S since 1998 and today operates 43 M&S stores across seven markets in the Middle East, Singapore and Malaysia.
Established in 1884, the London-headquartered company has 979 stores in the UK and 454 stores in 55 international markets.