The TJX Companies will invest approximately $360 million to purchase a 35% stake in Brands for Less, an off-price apparel, toys and home fashions retailer with more than 100 stores in the UAE and Saudi Arabia as well as an ecommerce business. TJX expects the acquisition to close later this fiscal year, which ends in February 2025.
The retailer, which operates the TJ Maxx, Marshalls, HomeGoods and Sierra brands, has ambitious growth plans. In May 2024, CEO and President Ernie Hermann said the company planned to expand its store footprint by at least 1,300 stores “over the long term.” On its way to that long-term goal, TJX already has looked beyond the U.S. border: in June 2024 TJX partnered with South America-based Grupo Axo to expand its off-price business into Mexico.
The acquisition announcement came alongside TJX’s results for its Q2, which ended Aug. 3, 2024. The retailer generated net sales of $13.5 billion, a 6% increase over the same period the previous fiscal year. Additionally, consolidated comp store sales rose 4%, driven entirely by an increase in customer transactions, according to TJX.
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