Marks & Spencer is to launch a joint venture with one of Taiwan’s leading retailers in May a bid to strengthen its overseas presence.
M&S plans to take a 60 per cent stake in a venture with Taiwan-based President Chain Stores, which owns the largest network of 7-Eleven stores outside North America and Japan.
The firms behind the as yet unnamed venture said they planned to open two outlets in Taiwan this year. The first outlet will open in second major city Kaohsiung in May.
The capital value of the move has not been disclosed.
M&S withdrew its own-brand stores from foreign markets in 2001.
But domestic performance has since recovered and M&S has been steadily building up its investments overseas.
A senior M&S executive will serve as chairman and president of the new venture, President Chain Stores said.
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