TJX Closes Trade Secret Acquisition
October 26, 2015,
FRAMINGHAM, Mass.-The TJX Cos. has completed its acquisition of Trade Secret, the Australian off-price retailer that operates 35 stores in Australia, from Gazal Corp.
The purchase price was AUD$80 million (about $57.7 million), subject to customary post-closing adjustments. Trade Secret operates 35 stores in the provinces of Queensland, New South Wales, Victoria and The Capital Territory. The retailer offers home fashions; branded apparel for women, men and children; footwear; and accessories.
The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where the retailer currently operates one of its 13 buying offices, according to a TJX statement. “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,” said Carol Meyrowitz, TJX’s chairman and CEO.