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MEXICO CITY, June 24 (Reuters) - Mexican restaurant operator Alsea announced on Monday its debut in the retail clothing market with the acquisition of a 25 percent stake in Grupo Axo, a distributor and retailer of international clothing and cosmetic brands in Mexico.
The purchase will take place on July 4, according to a news release from Alsea that did not include a price tag.
Alsea, which operates restaurant chains including PF Chang's, Domino's Pizza, and Burger King in Mexico, said the acquisition would diversify the company's business portfolio, allowing for greater market penetration.
Grupo Axo welcomed the agreement, saying it would "accelerate our growth in Mexico and open the opportunity to replicate our successful business model in the rest of Latin America," according to the Alsea press release.
Grupo Axo has 19 years experience in Mexico, marketing brands including Tommy Hilfiger, Coach, Guess, and Sephora, through 116 stores and 2,200 points of sale in department stores, the statement said.
Alsea has also continued growing within the restaurant sector, announcing in April it would take equity control of Starbucks' Mexico stores.