M&S targets doubling of food business after Ocado deal

British retailer Marks & Spencer (MKS.L) is targeting a doubling of its 6 billion pound ($7.5 billion) food business, driven by its new joint venture with online supermarket Ocado.

M&S bought a 50% share in Ocado’s UK retail business for an initial 562.5 million pounds ($701 million) in February, which will provide M&S with a home-delivery service from September 2020 at the latest.

M&S wants to make at least a third of its clothing and home sales online by 2022

Reuters