TJX forms JV with Mexican off-price retailer Grupo Axo

The TJX Companies has signed a joint venture agreement with Axo, an operator of global brands in Mexico and South America that includes both full and off-price formats.

Under the terms of the agreement, the company said in a release, TJX would own 49 percent and Axo would own 51 percent of the joint venture. The joint venture would comprise Axo’s 200 off-price, physical store business in Mexico operating under Promoda, Reduced, and Urban Store banners.

Commenting on the development, Ernie Herrman, chief executive officer and president of The TJX Companies stated: “As the world’s retail leader in off-price apparel and home fashions, we are excited about the opportunity to expand to Mexico through our partnership with Axo, and grow and enhance that country’s leading off-price retailer.”

Axo is a multi-brand and multi-channel retailer of apparel, fashion accessories, footwear, beauty and personal care product categories, with a portfolio of brands sold through more than 6,900 points of sale in department stores and more than 970 boutiques in Mexico, Chile, Peru and Uruguay.

“We could not have found a better partner for our off-price physical store business than TJX, the leading off-price retailer of apparel and home fashions worldwide,” added Andrés Gómez, co-founder, chairman & CEO of Axo.