Photo | Grant Welker
TJX headquarters in Framingham
August 23, 2024
TJX purchases $360M minority stake in Dubai-based discount retailer
Image | Courtesy of Google Maps
A Brands for Less store in Dubai
Framingham-based retail parent TJX Cos. has further expanded its global presence with the purchase of a 35% stake in Brands for Less, a Dubai-headquartered off-price clothing, apparel, and toy retailer.
Founded in Lebanon in 1996, BLS has more 100 stores in locations such as United Arab Emirates, Saudi Arabia, Oman, Qatar, Bahrain, and Kuwait. TJX’s $360-million investment in the privately held company is expected to close later this fiscal year, according to a Wednesday press release detailing TJX’s second quarter earnings and company developments.
Brands for Less has significant growth potential, and the acquisition as gives TJX an opportunity to further expand globally, according to the press release.
News of this partnership comes after a June announcement of TJX planning a joint venture with Grupo Axo, S.A.P.I. de C.V, a Mexican apparel company with a large presence in Latin America. That transaction, subject to antitrust approval by Mexican officials and other closing conditions, has yet to close.
TJX now operates 5,001 stores with 131.2 million combined square feet of space, according to second quarter filings with the U.S. Securities and Exchange Commission, with stores in the United States, Canada, Europe, and Australia.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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