Grupo Axo joint venture (49% stake)
2024
Why
Minority stake in a joint venture covering Axo's off-price stores in Mexico.
Impact
Gives TJX exposure to Latin American off-price retail without operating the stores.
Outcome
Axo holds the remaining 51%.
The TJX Companies, Inc.
Off-Price Apparel and Home Fashions RetailFounded 1987- HQ today: Framingham, Massachusetts
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
TJX Companies Acquisitions
5
Major Deals Covered
What are TJX Companies's biggest acquisitions?
This page covers 5 major deals from 1990 to 2024, each with its price where disclosed and the reason behind it.
- Major deals covered
- 5
- First deal
- 1990
- Most recent
- 2024
| Company | Year | Price | Purpose |
|---|---|---|---|
| Winners | 1990 | Undisclosed | Entry into Canadian off-price retail. |
| Marshalls | 1995 | Undisclosed | Bought from Melville Corp. to combine the two largest U.S. off-price apparel chains. |
| Sierra Trading Post | 2012 | Undisclosed | Added an off-price outdoor and activewear retailer with an established online business. |
| Trade Secret (Australia) | 2015 | Undisclosed | Entry into Australian off-price retail. |
| Grupo Axo joint venture (49% stake) | 2024 | Undisclosed | Minority stake in a joint venture covering Axo's off-price stores in Mexico. |
- What companies has TJX Companies bought?
- Major acquisitions by TJX Companies documented here include Grupo Axo joint venture (49% stake) (2024), Trade Secret (Australia) (2015), Sierra Trading Post (2012), Marshalls (1995) and Winners (1990).
- What is TJX Companies's most recent acquisition?
- The most recent TJX Companies acquisition documented here is Grupo Axo joint venture (49% stake), in 2024.
Trade Secret (Australia)
2015
Why
Entry into Australian off-price retail.
Impact
Stores were converted to the TK Maxx banner.
Outcome
Australia is part of the TJX International segment.
Sierra Trading Post
2012
Why
Added an off-price outdoor and activewear retailer with an established online business.
Impact
Rebranded as Sierra and expanded as a store chain.
Outcome
Sierra is reported within the Marmaxx segment.
Marshalls
1995
Why
Bought from Melville Corp. to combine the two largest U.S. off-price apparel chains.
Impact
Created the Marmaxx division with T.J. Maxx.
Outcome
Marmaxx generated $36.6 billion in fiscal 2026 net sales.
Winners
1990
Why
Entry into Canadian off-price retail.
Impact
Became the base of TJX Canada, which now also runs HomeSense and Marshalls in Canada.
Outcome
TJX Canada generated about $5.6 billion in fiscal 2026 net sales.
The TJX Companies, Inc.'s Growth & Acquisition Strategy
TJX grows by opening net new stores each year (the fleet rose by 129 to 5,214 stores in fiscal 2026), expanding home categories through HomeGoods and Homesense, entering new countries such as Spain, and using minority investments in Mexico and the Middle East to learn new markets without running the stores itself.
How The TJX Companies, Inc. Makes Money
TJX makes money by buying branded and designer merchandise close to need, often from manufacturer overruns, cancelled orders and closeouts, and selling it in stores at prices generally 20% to 60% below full-price retailers' regular prices. It does not run a traditional wholesale or manufacturing business. More than 1,400 Associates in its buying organization source goods from over 100 countries, and fast inventory turns let TJX keep stores stocked with changing assortments. Revenue comes almost entirely from store sales across four segments: Marmaxx ($36.6B in fiscal 2026), HomeGoods (just over $10B), TJX International ($8.0B) and TJX Canada ($5.6B), plus smaller e-commerce sites such as tjmaxx.com and sierra.com.
TJX Companies Acquisitions FAQ
What was TJX's landmark $550 million acquisition of Marshalls in 1995?
In October 1995, TJX acquired chief off-price rival Marshalls from Melville Corporation for $550 million in cash and stock, doubling its store fleet overnight and creating the Marmaxx operating division.
Why did TJX acquire Winners in Canada in 1990?
In 1990, TJX acquired Toronto-based off-price retailer Winners for approximately $40 million when it had just five stores, using it as the foundation to build Canada's dominant off-price fashion franchise with over 300 locations.
What was the acquisition of Sierra Trading Post in 2012?
In December 2012, TJX acquired outdoor apparel, footwear, and camping gear retailer Sierra Trading Post for $200 million in cash, expanding its footprint into outdoor activewear and e-commerce.
How did the acquisition of Trade Secret in 2015 launch TJX in Australia?
In 2015, TJX acquired Australian off-price retailer Trade Secret for approximately $59 million, converting all 35 stores to the TK Maxx banner and expanding to over 85 stores across Australia.
What was TJX's strategic joint venture and investment in Grupo Axo in Mexico?
In 2024, TJX acquired a 49% minority equity interest in Mexico-based fashion retailer Grupo Axo for approximately $290 million, partnering to scale off-price Promoda discount stores across Mexico.
What was TJX's $360 million investment in Brands For Less in 2024?
In August 2024, TJX acquired a 35% equity stake in Dubai-based off-price retailer Brands For Less for approximately $360 million, tapping into high-growth off-price markets in the United Arab Emirates and Saudi Arabia.
Why did TJX launch HomeGoods internally rather than acquiring a home chain?
In 1992, TJX built HomeGoods organically from the ground up, utilizing its existing off-price logistics and buyer relationships to avoid taking on expensive acquisition goodwill or legacy store debt.
Has TJX ever divested any acquired retail chains?
In 2007, TJX divested its underperforming women's budget apparel chain, Bob's Stores, to private equity firm Crystal Capital for $110 million, focusing corporate capital strictly on off-price banners.
What is TJX's corporate development philosophy regarding M&A?
TJX avoids massive debt-fueled acquisitions, preferring bolt-on acquisitions of regional off-price retailers with proven market acceptance or minority joint ventures that provide international exposure with minimal capital risk.
How does TJX integrate acquired off-price chains into its global supply chain?
TJX connects acquired chains (like Winners and TK Maxx) into its global merchandise routing system, giving them immediate access to over 1,400 corporate buyers and 21,000 vendor relationships worldwide.
Did TJX acquire any e-commerce platforms during the tech boom?
Beyond Sierra in 2012, TJX largely avoided acquiring money-losing e-commerce platforms, preserving capital for high-return physical store real estate.
What are TJX's future M&A and international expansion priorities?
Under CEO Ernie Herrman, TJX focuses on organically expanding TK Maxx into continental Europe (including Spain in 2026) while leveraging its equity partnerships in Mexico and the Middle East to assess broader emerging markets.
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