British clothing retailer Marks and Spencer has bought a half share in a franchise operation in eastern Europe as part of its drive to expand abroad.
M&S has bought 50% of a venture with Greece's privately-owned Marinopoulos which operates 38 M&S stores in Greece, Romania and Bulgaria, as well as Switzerland, for €50m.
It said the venture planned to open 50 new stores in these markets over the next few years. M&S has said it plans to grow its international business to 15-20% of group revenues within the next five years.
International revenues totalled £610.6m in the year ended March 2007 out of a total of £8.59 billion.
