Brands for Less operates more than 100 stores primarily in the UAE and Saudi Arabia. Credit: Ritu Manoj Jethani/Shutterstock.

The TJX Companies, parent of US retail chain TJ Maxx, has made a definitive agreement to acquire a 35% stake in the United Arab Emirates’ (UAE) retailer the Brands for Less (BFL) Group for $360m.  

The transaction, which is subject to customary working capital adjustments, is anticipated to be finalised later in fiscal 2025 and values BFL at an enterprise value of $1.2bn. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

BFL, headquartered in Dubai, is recognised as one of the region’s premier off-price retailers offering branded apparel, toys and home fashions.  

The retailer operates more than 100 stores primarily in the UAE and Saudi Arabia, and an e-commerce platform.  

Although TJX’s investment will be a non-controlling, minority position, the company expects this to be slightly accretive to earnings per share from fiscal 2026.  

See Also:

TJX will adopt the equity method of accounting for this investment from the date of the transaction and will report its share of BFL’s financial results with a one-quarter delay. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction provides TJX an opportunity to invest in an established, off-price retailer with growth potential. 

BofA Securities served as the financial advisor, while Ropes & Gray provided legal counsel to TJX.

The investment comes as TJX reported a strong financial performance in the second quarter of fiscal 2025, with net sales reaching $13.5bn, a 6% increase from the previous year.  

The company’s comparable store sales grew by 4%, and net income reached $1.1bn, with diluted earnings per share up by 13% to $0.96. 

The TJX Companies CEO and president Ernie Herrman stated: “I am extremely pleased with our second quarter performance. Our comparable store sales increase of 4%, pretax profit margin and earnings per share all exceeded our plans.  

“Our teams sharply executed on our mission to deliver great value to consumers every day. Our overall comp sales growth was entirely driven by customer transactions, which increased at every division.”