BlackRock Remains Steadfast in Grupo Axo

Posted on 05/20/2022

Back on May 20, 2021, BlackRock Private Equity Partners, the private equity unit of BlackRock Inc., invested an estimated US$ 45 million in Mexico-based Grupo AXO, S.A.P.I. de C.V., a Latin American multi-brand retail platform. The deal valued Grupo Axo above US$ 1 billion at the time. BlackRock acquired a 2.98% stake in Group Axo with the option to subscribe and purchase a further 0.82 percent in additional shares.

General Atlantic LLC remained an existing investor in Group Axo after the deal. General Atlantic made a strategic investment in Group Axo on May 30, 2017. As part of that 2017 deal, Alsea, a Mexican multi-brand restaurant operator, exited as a shareholder of Grupo Axo.

Group Axo is one of the main operators of apparel, accessories, and personal care products in Mexico, operating 30 brands. Within its portfolio, Grupo Axo represents brands such as Abercrombie & Fitch, Arrow, Bath & Body Works, Bass, Brooks Brothers, Brunello Cucinelli, Calvin Klein, Coach, Crate & Barrel, Guess, Hollister, Izod, Laces, Lust, Nike, Olga, Rapsodia, Speedo, Taf, True Kids, Tommy Hilfiger, Van Heusen, Victoria´s Secret, Warner´s, Privalia, and Promoda.

Grupo Axo holds licenses and exclusive distribution rights to a broad portfolio of 20 global brands, nine owned brands, and one non-exclusive partnership with Nike in Mexico. The business operates across four business divisions, spanning Full-Price, Off-Price, Athletics, and Privalia, a subscription based, off-price online marketplace.

On October 25, 2021, Montevideo-based Vopero, the full-service fashion resale marketplace in Latin America, announced a US$ 7.5 million investment from Grupo Axo and thredUP (NASDAQ: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories.

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