The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
One of Latin America’s leading multi-brand retail platforms, Grupo Axo, has inked a deal for an undisclosed amount with Gap to operate Old Navy in Mexico as a franchisee and distributor.
With this alliance, the American chain aims to expand its presence in the country through both physical and online channels. The operation is still subject to approval from Mexico’s Federal Economic Competition Commission, according to a statement by Grupo Axo.
According to its own website, Old Navy currently operates 24 stores in Mexico.
In June, Grupo Axo received a capital injection from BlackRock, which acquired a 3 percent stake in the company, then in October, the Grupo Axo invested $7.5 million in Uruguayan resale platform Vopero.
ADVERTISEMENT
These recent partnerships with Gap and Vopero mark Grupo Axo’s return to acquisitions, after cancelling the purchase of Dutch company C&A in Mexico in March and the termination of a signed agreement to acquire Nike’s operations in Chile, Uruguay and Argentina a year ago.
The Mexican firm founded in 1994 is an operator and distributor for international names like Abercrombie & Fitch, Bath & Body Works, Brooks Brothers, Calvin Klein, Tommy Hilfiger and Victoria’s Secret. It also holds a non-exclusive partnership with Nike in Mexico and owns the Mexican branch of Privalia, a subscription-based, off-price online marketplace.
Learn more:
Grupo Axo Secures Equity Investment to Fuel Growth
Grupo Axo announced an equity investment managed by US-based investment fund BlackRock to continue its expansion across the region.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.