TJX to Buy 35% Stake in Dubai's Brands for Less for $360 Million
By Colin Kellaher
TJX is investing $360 million to take a 35% stake in Middle East off-price retailer Brands for Less.
TJX on Wednesday said Dubai-based Brands for Less operates more than 100 stores, primarily in the United Arab Emirates and Saudi Arabia, along with an e-commerce business.
The Framingham, Mass., parent of the TJ Maxx, Marshalls and HomeGoods chains said the deal gives it a stake in an established off-price retailer with significant growth potential as it continue its push for global growth.
TJX said expects the deal, slated to close by the end of the year, to add slightly to its per-share earnings beginning in fiscal 2026.
Brands for Less, founded by Lebanese entrepreneurs Toufic Kreidieh and Yasser Beydoun, opened its first store in Lebanon in 1996.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 21, 2024 08:18 ET (12:18 GMT)
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