BlackRock makes equity investment in Grupo Axo
Summary
Grupo Axo, a leading Latin American multi-brand retail platform and partner to global fashion brands, has secured an equity investment from funds and accounts managed by BlackRock. Grupo Axo’s investments in its digital channels meaningfully accelerated the growth of the business over the past year despite a downturn in the broader retail sector as a result of the Covid-19 pandemic. Grupo Axo’s momentum is also supported by recent key strategic acquisitions, including Tennix SA de CV, which operates TAF stores in Mexico, in 2018, and Privalia’s Latin America online platform (ex-Brazil), in 2019. Andres Gomez, co-CEO at Grupo Axo, says: “We are honoured to welcome funds and accounts managed by BlackRock to our investor base as we focus on the sustained growth of the business in Latin America and across channels. We look forward to our continued partnership with the Grupo Axo team, and are thrilled to welcome funds and accounts managed by BlackRock, as we focus on further deepening the company’s differentiated digital capability set and omnichannel platform.” At the same time as the closing of the investment by funds and accounts managed by BlackRock, Grupo Axo will separately ratify Andres Gomez as Chairman of the Board and CEO, and Alberto Fasja will be confirmed as Board Member and strategic member of the company.