Taiwan's President Chain forms joint venture with Marks and Spencer

0 Comments | AFP, January, 2007

TAIPEI (AFP) — Taiwan food giant President Chain Store Corp said it has signed contracts with British retailer Marks and Spencer to form a joint venture in Taiwan. The British company will take a 60 percent stake while the remaining 40 percent will go to President Chain Store, a President Chain Store official said.

Stephen Walker, a senior Marks and Spencer executive, will serve as both chairman and president of the new venture, the official said. She declined to disclose the size of the venture's paid-in capital. Through the joint venture, two outlets will be set up in Taiwan this year -- the first is expected to open in May in a mall complex in southern Kaohsiung being developed by the Uni-President group, of which President Chain Store is a member, she said. © 2007 AFP