Marks & Spencer is planning to increase its store numbers in eastern Europe, buying a 51 per cent stake in its eastern European franchise partner for £10.6 million.
COMS, which is privately owned, operates 13 M&S stores across the Czech Republic, Slovakia, Latvia and Lithuania, but M&S wants to open an extra 30 stores in these markets and also in Estonia in the next few years, according to The Independent.
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.”
The deal comes three weeks after M&S spent €50m (£38.9m) on a 50 per cent stake in Marinopoulos, its franchise partner in Bulgaria, Greece, Romania and Switzerland, where it plans to open a further 50 stores.
The high-street retailer hopes to generate up to 20 per cent of group sales from overseas within five years.
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