TJX expands business to Mexico
The TJX Companies, Inc. (NYSE: TJX), the leading off-price apparel and home fashions retailer in the U.S. and worldwide, today announced that it has entered into a definitive agreement for a joint venture with Grupo Axo, S.A.P.I. de C.V. (“Axo”) an operator of global brands in Mexico and South America that includes both full- and off-price formats.
200 stores
Under the terms of the agreement, TJX would own 49 percent and Axo would own 51 percent of the joint venture. The joint venture would comprise what is now Axo’s off-price, physical store business in Mexico, which includes a total of over 200 stores for its Promoda, Reduced, and Urban Store banners. The proposed transaction, which is expected to close later this year, is subject to applicable antitrust clearance in Mexico and other customary closing conditions. The financial terms would be announced after closing.
Leading multi-brand and multi-channel retailer
Axo is a leading multi-brand and multi-channel retailer of apparel, fashion accessories, footwear, beauty and personal care product categories, with a brand portfolio of recognized brands sold through more than 6,900 points of sale in department stores and more than 970 boutiques in Mexico, Chile, Peru and Uruguay.