British retailer Marks & Spencer (M&S) has agreed a joint venture with online su...
LONDON - British retailer Marks & Spencer has agreed a joint venture with online supermarket pioneer Ocado that would give M&S a full online food delivery service for the first time, the companies said on Wednesday.
M&S said it will finance the deal from a rights issue of shares to raise up to 600 million pounds and a 40 percent cut to its dividend to “a sustainable level”. M&S, a 135-year-old clothing and food retailer, is a mainstay of Britain’s shopping streets but has struggled to cope with the rise of fast fashion, discounters and online shopping.
“Our investment in a fully aligned joint-venture with Ocado accelerates our food strategy as it enables us to take our food online in an immediately profitable, scalable and sustainable way.”
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