TJX announces plan for JV in Mexico with Grupo Axo

TJX announced that it has entered into a definitive agreement for a joint venture with Grupo 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, TJX would own 49% and Axo would own 51% of the joint venture. The joint venture would comprise what is now Axo’s off-price, physical store business in Mexico, which includes a total of over 200 stores for its Promoda, Reduced, and Urban Store banners. The proposed transaction, which is expected to close later this year, is subject to applicable antitrust clearance in Mexico and other customary closing conditions. The financial terms would be announced after closing. TJX does not anticipate this proposed transaction to have a material impact on its previously communicated sales, profit or earnings per share guidance for its current FY25.