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.
