TJX Enters Joint Venture with Grupo Axo in Mexico
The TJX Companies recently announced a joint venture agreement with Axo, a prominent operator of global brands in Mexico and South America. This partnership involves both full-price and off-price formats, with TJX holding a 49 percent stake and Axo holding a 51 percent stake in the joint venture.
The joint venture will encompass Axo’s 200 off-price physical stores in Mexico, which operate under the Promoda, Reduced, and Urban Store banners. This strategic move aims to strengthen TJX’s presence in Mexico and enhance Axo’s position as a leading off-price retailer in the country.
Ernie Herrman, the CEO and president of The TJX Companies, expressed enthusiasm about the collaboration, stating that they are eager to expand into Mexico and work alongside Axo to elevate the country’s off-price retail sector. Axo, known for its diverse range of apparel, fashion accessories, footwear, beauty, and personal care products, operates through over 6,900 points of sale in department stores and 970 boutiques across Mexico, Chile, Peru, and Uruguay.
Andrés Gómez, co-founder, chairman, and CEO of Axo, praised the partnership with TJX, acknowledging them as the leading global retailer of off-price apparel and home fashions. The collaboration between these two industry giants is expected to drive growth and innovation in the off-price retail market, benefiting customers in Mexico and beyond.