TJX completes Trade Secret purchase
In July, Gazal Corporation sold Trade Secret to TJX for $80 million.
The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where TJX currently operates one of its 13 buying offices.
“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,” said Carol Meyrowitz, chairman and CEO of TJX.
“Trade Secret’s business is closely aligned with ours, and this acquisition provides us with immediate scale and first-mover advantages in Australia.”
TJX operates a total of 3441 stores in the US, Canada, UK, Ireland, Germany, Poland, and Austria across its retail brands T.J.Maxx, Marshall, HomeGoods, Trading Post, Winners, and HomeSense.
“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,” Meyrowitz said.
“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. We are delighted to welcome Trade Secret and its organization to TJX.”
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 AUD$160 million in revenue for its fiscal year ended June 2015.
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