Framingham, Mass.-based TJX, the parent company of TJ Maxx, HomeGoods and Marshall’s, is planning to expand into Mexico through a joint venture with Grupo Axo (Naucalpan de Juarez, Mexico), an operator of full and off-price brands, according to a company press release.
TJX CEO Ernie Herman says there is “excellent potential to grow in another region and deliver our value proposition to a growing population in Mexico.”
The partnership includes running more than 200 various locations (including brands Reduced, Urban Store and Promoda) with TJX owning 49 percent and Axo owning 51 percent of the joint venture.
Additionally, TJX has announced plans to open 10 stores in Canada, 15 in Europe and five in Australia, continuing its international growth plans.
Grupo Axo operates more than 970 stores across Chile, Peru, Uruguay and Mexico across categories like footwear, beauty, apparel and personal care. This past March, Ulta (Bolingbrook, Ill.) unveiled its partnership with Grupo Axo, also with the intention of expanding into Mexico.