TJX COMPANIES COMPLETES ACQUISITION OF AUSTRALIAN OFF-PRICE RETAILER
The TJX Companies, Inc. has announced that it has completed its acquisition of Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for a purchase price of AUD$80 million (USD$58 million). The acquisition of Trade Secret provides TJX an 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 at deep discounts. 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 (USD$116 million) in revenue for its fiscal year ended June 2015.
Carol Meyrowitz, chairman and Chief Executive Officer of The TJX Companies, Inc., stated, “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. 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.”
