Marks and Spencer Buy Controlling Share in Eastern European Franchise
by Liam Bailey
2008-03-20 22:28:00 **news**
UK retail chain Marks and Spencers has announced that it is buying a majority 51% stake in COMS, one of its Eastern European franchise holders since 1996, for $13.6 million EURO, with the possibility that they will pay up to a further 5.2 million EURO if performance targets are met. COMS run 13 M&S stores, and the deal will see them open another 30 stores between the Czech Republic, Slovakia, Estonia, Latvia and Lithuania over the next few years.
A Marks & Spencer spokesman said: "There is a great opportunity to open many more Marks & Spencer stores across Central and Eastern Europe and grow a real presence in the region. The Marks & Spencer brand is already well-recognised in the Czech Republic and there is increasing demand for good quality, great value products in markets like Slovakia."
M&S wants its international operations to account for 15-20% of their total revenue by 2011.
