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TJX Companies to acquire Australian retailer Trade Secret
30
Jul '15
The TJX Companies, Inc. a leading off-price retailer of apparel and home fashions in the US and worldwide, has announced that it has signed a definitive agreement to purchase Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for a purchase price of Australian $80 million ($58.4 million).

The potential acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where TJX currently operates one of its 13 buying offices. TJX expects the transaction, which has customary conditions to closing, to be consummated by the end of 2015, the announcement said.

Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions at great values. Most of the Trade Secret stores are located in the eastern part of Australia. Trade Secret opened its first store in 1992 and since then, has grown to Australian $164.5 million ($120 million) in revenue for its fiscal year ended June 2015.

Carol Meyrowitz, chairman and CEO of The TJX Companies said, “TJX is one of the few major US retailers to have expanded successfully in international markets, including Canada and Europe, which gives us confidence in our potential growth in Australia. With consumer demographics similar to Canada, we see Trade Secret as a strong platform to grow in Australia similar to how we entered Canada with our acquisition of Winners in 1990 and grew that business into a leading Canadian retailer. We believe TJX can further develop Trade Secret by leveraging our international leadership experience, buying scale, vendor universe, marketing, and other capabilities.” (SH)

Fibre2Fashion News Desk – India

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