Grupo Axo, a leading Latin American multi-brand retail platform, announced an equity investment managed by US-based investment fund BlackRock to continue its expansion across the region.

As part of the deal, BlackRock acquired 2.98 percent of Grupo Axo’s capital stock with the option to subscribe and purchase a further 0.82 percent in additional shares.

The 26-year-old Mexican firm serves as a multi-brand 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.

Despite a downturn in the broader retail sector since the pandemic started, Grupo Axo saw its digital channels grow eight-fold in 2020. Online sales represented 31 percent of Grupo Axo’s consolidated sales in the first quarter of this year.

In a statement, Andres Gomez, co-CEO of Grupo Axo said, “we are energised by the potential of Grupo Axo to continue strengthening our expertise and footprint as the partner of choice for global brands operating in Latin America.”

Grupo Axo currently operates 5,649 points of sale within department store chains, 763 boutiques in Mexico and Chile and 14 e-commerce stores, in addition to Privalia.