29th Feb 2008 08:00
Marks & Spencer Group PLC29 February 2008 Issued: 29 February 2008 Marks and Spencer Group plc enters into joint venture with Marinopoulos Group to expand in Greece and Balkan states Marks and Spencer Group plc (Marks & Spencer) has acquired 50 per cent of Marks& Spencer Marinopoulos BV which operates 38 Marks & Spencer stores in Greece, anumber of Balkan states, including Romania and Bulgaria, and Switzerland for €50million cash (£38 million). The joint venture plans to open up to 50 new storesin these markets over the next few years. This announcement is in line with Marks & Spencer's plans to invest in itsexisting franchise partners where it will facilitate a faster pace of growth andgreater operating efficiency. Marks & Spencer plans to grow its internationalbusiness to 15-20 per cent of Group revenues within the next five years. The Marinopoulos Group, one of Greece's leading private sector companies, hasbeen a partner of Marks & Spencer for 30 years and has exclusive rights tooperate Marks & Spencer stores in Greece, Romania, Bulgaria, Serbia, Croatia,Slovenia and Switzerland under a franchise agreement. It also has rights tooperate in Austria, Bosnia and Herzegovina, the former Yugoslav Republic ofMacedonia, Albania and Montenegro where, currently, there are no Marks & Spencerstores. Marks & Spencer has purchased 50 per cent of the share capital of Marks& Spencer Marinopoulos BV from Marinopoulos Holding SARL, through itswholly-owned subsidiary Marks and Spencer International Holdings Limited. Carl Leaver, Director of International Business, Marks & Spencer said: "We have an exciting opportunity to open many more Marks & Spencer stores inGreece and the Balkans and our joint venture with Marinopoulos will mean we canreally put M&S on the map in this part of the world. In Greece, we already havea solid platform to build on and there is a growing demand for great quality,good value M&S products in markets like Romania and Bulgaria. We have workedwith Marinopoulos for over 30 years and their retail expertise and localknowledge make them the ideal partner for us." Stefanos Marinopoulos said: "We are very happy to have concluded this joint venture agreement with Marks &Spencer, which complements our model of development with major internationalretailers in our region. We strongly believe in the growth potential of Marks &Spencer as a leader in clothing and home products." -Ends- Notes to editors Marks & Spencer (M&S) is one of the UK's leading retailers, offering highquality, great value clothing, as well as home products and outstanding qualityfood. M&S employs over 75,000 people and has over 600 stores in the UK and over275 stores in 39 territories around the world. Marks & Spencer's total Grouprevenues for 2006/7 were £8.5bn. In November 2007 at its interim results, Marks& Spencer identified significant opportunities to grow its internationalbusiness under the leadership of Carl Leaver, its Director of InternationalBusiness, targeting a 15-20% contribution to its Group revenues within the nextfive years. At its third quarter sales update on 9 January, Marks & Spencerannounced sales in its international business were up 15.1% (13 weeks to 29December 2007). www.marksandspencer.com/thecompany. Marinopoulos Brothers is a privately held leading group based in Greece andoperating in 10 countries in Central and South East Europe. including the Balkanstates, through its joint ventures with Carrefour, Starbucks, Sephora (adivision of LVMH), Fnac (a division of PPR) and Grand Optical. Famar, theindustrial arm of the group, headquartered in Greece and France, is a leadingEuropean contract manufacturer for major pharmaceutical companies with 11manufacturing sites across Western Europe. www.marinopoulos.com Contact M&S press office (UK):Clair Foster - 44 (0) 208 718 8323 / 07748 147851 / Dan Masser - 44 (0) 208 718 1967 /07826 905220 M&S Investor RelationsAmanda Mellor - +44 (0)20 8718 3604 / Majda Rainer - +44 (0)20 8718 1563 Marinopoulos GroupKimon Antypas, Publicis Consultants | Athens - tel.: + 30 210 27 11 721 / Mobile : 30 694 55 95 009 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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