TJX operates 4,900 stores across nine countries, including TJ Maxx and Marshalls. Credit: melissamn/Shutterstock.

The TJX Companies, an off-price apparel and home fashion retailer, has announced a definitive agreement for a joint venture (JV) with Grupo Axo, an operator of international brands in Mexico and South America.  

The JV will incorporate Axo’s existing off-price, physical store business in Mexico, which currently operates 200 stores under the Promoda, Reduced and Urban Store brands.  

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TJX will hold a 49% stake while Axo will own 51%.  

The transaction is contingent upon applicable antitrust clearance in Mexico and is set to complete later in 2024 with financial details to be disclosed post-closure. 

TJX CEO and president Ernie Herrman said: “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.   

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“With TJX’s decades of experience as an international, off-price retailer, and Axo’s established base of over 200 off-price stores and 30 years of operating experience in Mexico, we see excellent potential to grow in another region and deliver our value proposition to a growing population of fashion and value-conscious consumers in Mexico.” 

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TJX does not foresee the joint venture significantly affecting its sales, profit or earnings per share guidance for the fiscal year 2025.  

Grupo Axo, a multi-brand and multi-channel retailer, offers fashion accessories, apparel, footwear, beauty and personal care product categories. 

The company distributes products at more than 6,900 points of sale in department stores and 970 boutiques in Peru, Mexico, Uruguay and Chile. 

TJX operates more than 4,900 stores across nine countries, offering fashionable, brand-name and designer merchandise.