The TJX Companies completes Trade Secret acquisition

26 Oct '15

1 min read

The TJX Companies Inc, a global off-price retailer of apparel and home fashions, has completed the acquisition of the Australia-based off-price retailer Trade Secret from Gazal Corporation Limited for Au$ 80 million to ensure a smooth entry into the Australian market, according to a press statement released by the company.

Trade Secret operates 35 off-price retail stores in Australia where it sells branded menswear, womenswear, kidswear, footwear and accessories. The stores are located in high profile locations of Victoria, Queensland, Capital Territory and New South Wales.

Trade Secret fits directly into the clear vision of TJX for continued global growth. Trade Secret's business is closely aligned with TJX, and this acquisition provides the company with immediate scale and first-mover advantages in Australia, Carol Meyrowitz, chairman and CEO of The TJX Companies said in the release.

“As one of the few major US retailers to have expanded profitably in international markets, including Canada and Europe, we are very confident in our potential to grow successfully in our third continent and eighth country (Australia),” Meyrowitz added. (MCJ)

Fibre2Fashion News Desk — India

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