Grupo Axo buys Privalia Mexico From Vente Privee #Grupo_AxoAugust 13, 2019
Grupo Axo buys Privalia Mexico.
The Mexican Group, specialized in the distribution of American brands in the country, has acquired the flash-sales specialist for an undisclosed sum.
The acquisition has yet to be approved by local anti-monopoly regulators.
Brazil and Mexico boosted Privalia’s turnover in 2017, its first year with Vente Privee and the last one for which data is available.
The Brazilian market was the country where the group’s sales grew the most, with a rise of 21% in 2017, to 138.5 million euros (162.8 million dollars).
Mexico followed, with a rise of 19.2%, to 74.2 million euros (87.2 million dollars).
Grupo Axo, which was taken over by the American fund General Atlantic in 2017 , also owns the Promoda outlet chain and has a store network of almost 750 doors and more than 1,000 points of sale in department stores and multi-brand stores in its local market and in Chile.
Grupo Axo recorded a turnover of 2,547.2 million pesos (119 million euros) in the first quarter, an 11% increase.
However, the Mexican company raised its red numbers to 73.5 million Mexican pesos (3 million euros).
Vente Privee specializes in the sale of stocks over the Internet and acquired Privalia in 2016 for 444.1 million euros.
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