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TJX enters Australian off-price market

10/26/2015

The TJX Companies is expanding into another country with its acquisition of Trade Secret’s 35 stores.



TJX announced it has completed its acquisition of Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for $59 million. The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where TJX currently operates one of its 13 buying offices.



Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions. Trade Secret stores are located in Queensland, New South Wales, Victoria, and the Capital Territory. Trade Secret opened its first store in 1992 and since then, has grown to over $116 million in revenue for its fiscal year ended June 2015.



Carol Meyrowitz, chairman and CEO of The TJX Companies, Inc., said: “We are very pleased to add Trade Secret to the TJX family of companies, which fits directly into our clear vision for continued global growth. Trade Secret’s business is closely aligned with ours, and this acquisition provides us with immediate scale and first-mover advantages in Australia. We believe that, similar to our successful expansion in Canada, which started with our acquisition of Winners in 1990, we can further develop Trade Secret by leveraging our off-price leadership experience, global buying scale, vendor universe, marketing, and other capabilities. As one of the few major U.S. 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. We are delighted to welcome Trade Secret and its organization to TJX.”



The TJX Companies Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. In its last fiscal quarter, the retailer reported a 6% increase in same-store sales.



As of Aug. 1, the company operated a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites. These include 1,130 T.J. Maxx, 990 Marshalls, 503 HomeGoods and 6 Sierra Trading Post stores in the United States; 240 Winners, 97 HomeSense, and 39 Marshalls stores in Canada; and 423 T.K. Maxx and 33 HomeSense stores in Europe.


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