The TJX Companies (NYSE:TJX) completed the acquisition of Trade Secret, an off-price retailer that operates 35 stores in Australia.
Trade Secret sells branded apparel for women, men and children, as well as footwear, accessories and home goods. The retailer had more than $160 million Australian dollars in revenue for its fiscal year that ended in June 2015.
"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 CEO Carol Meyrowitz. "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."
The parent company of TJ Maxx agreed to buy the chain in July for approximately $59 million and the deal represents an entry to the Australian market for the chain, which currently operates one of its 13 buying offices.
Many U.S. retailers have struggled with international expansion, most notably Target. But Meyrowitz believes that TJX is well suited to the endeavor.
"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," she said. "We are delighted to welcome Trade Secret and its organization to TJX."
-See this TJX announcement
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