Thursday, 20 March 2008, 10:52 GMT
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".
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