Kong (With photo)
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Marks & Spencer, the UK's leading general merchandise retailer, today (September 28) announced the opening of its Asian sourcing office in Hong Kong.
As part of its continuing effort to offer better products at great value, Marks & Spencer is restructuring its buying functions. The new Asian sourcing office in Hong Kong is an important step in this process.
"It is essential to get exciting products into our stores as quickly as possible," the Chief Executive of Marks & Spencer, Mr Stuart Rose, said. "We chose Hong Kong to set up our Asian sourcing office, as it offers high working efficiency, latest market information and extensive links to all major business destinations. Its proximity to the Mainland, and an ever increasing, and sophisticated supply base gives Hong Kong another distinctive edge."
The Director of Far East Procurement for Marks & Spencer plc, Hong Kong Regional Office, Mr Stuart Mcivor, said Marks and Spencer was probably the last major European retailer to set up its own direct sourcing operation in the Far East. "The retail value of garment sales in the UK is more than US$6 billion. This presents a great opportunity for manufacturers in Hong Kong, the Mainland and South East Asia."
"Hong Kong is the obvious choice for the office as it is strategically located at the heart of Asia. It's a renowned free economy with a strong financial infrastructure, and a fashion centre with world class manufacturing capability and dedicated and hardworking entrepreneurs, managing production in China and South East Asia," Mr Mcivor said.
According to Mr Mcivor, the company has recruited 30 talented and experienced staff for the Hong Kong office and will naturally expand this as the business grows.
The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, warmly welcomed the retailer¡¦s new venture in Hong Kong.
"Marks & Spencer has been a household name here for many years. We are delighted that the company has recognised Hong Kong's multi-faceted advantages as a base for securing value-for-money, quality products," Mr Galpin said.
Marks & Spencer employs 65,000 people in its 399 UK stores and offices. Its international business includes wholly-owned stores in the Republic of Ireland and Hong Kong, franchises in 30 territories and the US. It has other sourcing offices in India, Bangladesh, Sri Lanka and Turkey. For more information about Marks & Spencer, please visit the website at www.marksandspencer.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing all the support needed to establish and expand a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Wednesday, September 28, 2005
Issued at HKT 16:41
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