M&S aims for European expansion

Marks & Spencer (M&S) has bought a majority stake in its eastern European franchise owner, as it aims to increase its number of stores in the region.

M&S has paid £10.6m for a 51% stake in COMS, which operates 13 M&S stores across the Czech Republic, Slovakia, Latvia and Lithuania.

Forming a joint venture with COMS, M&S said it would open an extra 30 stores across the four countries and Estonia.

M&S wants its overseas operations to bring in 15-20% of revenues by 2011.

Carl Leaver, M&S's director of international business, said the COMS move was "a great opportunity".