M&S bid to enter Taiwanese market

M&S's partner in Taiwan is a major player in the 7-Eleven market

Marks & Spencer is to launch a joint venture with one of Taiwan's leading retailers, as the UK firm continues to reassert its presence overseas.

M&S said it planned to take a 60% stake in the new venture with Taiwan's President Chain Stores.

The firms, which have yet to name the joint venture, said they planned to open two outlets in Taiwan this year.

M&S withdrew its own-brand stores from foreign markets in 2001, as part of a wide-ranging turnaround programme.

Since then, the company's domestic fortunes have recovered, and M&S had been steadily building up its investments overseas.

Going green

President Chain Stores owns the largest network of 7-Eleven stores outside of North America and Japan.

Both firms plan to launch their first joint-retail outlet in May at a major shopping complex in Taiwan's second city of Kaohsiung.

A senior M&S executive will serve as chairman and president of the new venture, President Chain Stores said.

The firms, which remain in talks, declined to reveal the capital value of their joint venture.

M&S announced on Monday a £200m ($393m), five-year plan to make the company carbon neutral.