Marks and Spencer has confirmed it is acquiring 50 per cent of Ocado’s UK retail business in order to accelerate its entry into operating a full scale online food operation. The service which will remain under the Ocado brand will be live from September 2020, following the end of Ocado’s current arrangement with Waitrose.
M&S chief executive Steve Rowe commented: “I have always believed that M&S Food could and should be online. Combining the strength of our food offer with leading online and delivery capability is a compelling proposition to drive long term growth.” Adding: “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.”
Ocado CEO Tim Steiner added: “We are delighted that our UK retail business will become a joint venture with M&S. This is a transformative moment in the UK retail sector with the combination of two iconic and much-loved retail brands set to provide an unrivalled online grocery offer.”
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