UK: M&S forms JV in Eastern Europe
Marks & Spencer is spending at least EUR13.6m (US$21m) on a joint venture with retail partner COMS to expand in Central and Eastern Europe.
It has acquired around 51% of COMS through the deal, which also includes a EUR5.2m cash sum based on business performance and the achievement of agreed targets, the UK retailer said.
M&S plans to open around 30 stores in the Czech Republic, Slovakia, Latvia, Lithuania and Estonia over the next few years, adding to the 13 that COMS already operates.
COMS has been a franchise partner of M&S since 1996 and has exclusive rights to operate stores selling food under a franchise agreement.
Carl Leaver, director of international business at M&S, 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."
Dušan Mrozek, chairman of the board of directors at COMS, added: "We have worked with Marks & Spencer since 1996 and during that time we have always felt we've been working with the right partner."
The developments follow M&S' stated mission to grow its international business to 15-20% of group revenues.
It is now over a year since Whole Foods Market 'completed' its acquisition of rival chain Wild Oats Markets, and it has been a long year, too. The retailer's commercial fortunes have ebbed, writes Ben...
One story has dominated this week's headlines - the latest food safety scandal to hit China. As the scare around baby milk powder has spread to liquid milk and other dairy products, so has the gloom o...
UK sugar and sweetener group Tate & Lyle has forecast flat first-half profits but said it is on track to "make progress" in the full year....
The European Commission has cleared the proposed acquisition of Foodvest by private equity firm Lion Capital....
General Mills is to extend its range of Häagen-Dazs ice creams on sale in the UK this winter with the launch of a caramel biscuit and cream variant....
Upmarket Swiss chocolate maker Lindt & Sprungli has launched a range of "super-premium" baking chocolate products in the US....
Fresh & Easy, the US retailer, has opened an additional three stores in Arizona....
Metro Group will open outlets in some smaller cities in Poland in order to expand its presence in the country, a spokesperson for the company told just-food today (12 September)....
- It won't just be Unilever to push for Brexit hikes
- Danone's Q3 sales - what the analysts say
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- Future trends in natural food to go mainstream
- PepsiCo sets 2025 nutrition, sustainability goals
- China "transition" drags on Danone Q3
- Nestle lowers outlook on "softer environment"
- UK announces "action plan" to drive food exports
- France eyes leading role in proteins
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review
- Bakery (UK) - Industry Report
- Redefining Snacks: From Conventional Snacks to Snack Replacements