TJX Corp. Completes Acquisition of Australian Company

The TJX Companies, Inc., an off-price retailer of apparel and home fashions headquartered in Framingham, announced last week 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 $80 million (Australian dollars) subject to customary post-closing adjustments.

The deal is worth about $58.5 million in U.S. dollars.

The acquisition of Trade Secret provides TJX an opportunistic 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 great values. 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 more than $160 million (Australian) in revenue for its fiscal year ended 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. Trade Secret’s business is closely aligned with ours, and this acquisition provides us with immediate scale and first-mover advantages in Australia,“ said Carol Meyrowitz, Chair and Chief Executive Officer of The TJX Companies, Inc. in a 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. 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. We are delighted to welcome Trade Secret and its organization to TJX,” said Meyrowitz.