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
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