Article published on: 2008-03-04

UK apparel maker Marks&Spencer Group said it has acquired 50% of Marks&Spencer Marinopoulos BV which operates 38 Marks&Spencer stores in Greece, a number of Balkan states, including Romania and Bulgaria, and Switzerland for 50 mln euro cash.

The joint venture plans to open up to 50 new stores in these markets over the next few years.

In an official press release, Marks&Spencer said the announcement was in line with plans to invest in its existing franchise partners where it will facilitate a faster pace of growth and greater operating efficiency.

The Marinopoulos Group, one of Greece's leading private sector companies, has been a partner of Marks&Spencer for 30 years and has exclusive rights to operate Marks & Spencer stores in Greece, Romania, Bulgaria, Serbia, Croatia, Slovenia and Switzerland under a franchise agreement.

It also has rights to operate in Austria, Bosnia and Herzegovina, the former Yugoslav Republic of Macedonia, Albania and Montenegro where, currently, there are no Marks & Spencer stores.

Marinopoulos also has regional joint ventures with Carrefour, Starbucks, Sephora (a division of LVMH), Fnac (a division of PPR) and Grand Optical.(Dnevnik)