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. The company’s digital channel grew 8.5x in 2020, with digital sales representing 31 per cent of Grupo Axo’s consolidated sales in 1Q21. 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.

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. The transaction is subject to customary closing conditions. Additional terms of the deal were not disclosed.

Read more at Private Equity Wire

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